Bangladesh’s Commerce Minister Tofail Ahmed said that due to relaxed Rules of Origin (RoO) by the Asian nation, exports to Japan will cross US $ 1 billion. Relaxation of RoO has mainly been credited for the rise in garment exports to Japan, which as recently as fiscal 2008-09 stood at a meagre US $ 74.37 million. Due to generalized system of preferences, exports from Bangladesh to Japan accelerated 14.9 per cent year-on-year to US $ 862.08 million in fiscal 2013-14. It is important for RMG industry as exports of garment and leather items account for most of the increased earnings from Japan. Bangladesh exported apparel worth of US $ 572.27 million to Japan in fiscal 2013-14, up 19.6 per cent year-on-year. Japan’s apparel market is worth around US $ 35 billion, with Chinese exporters holding an 80 percent share of the market.
