Word: bangladeshis
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...That's when a 1995 trade pact called the Agreement on Textiles and Clothing, signed by members of the World Trade Organization (WTO), stipulates an end to quotas--and buyers like Joshi will be free to find the best deals anywhere they can. Ghulam Faruq, a Bangladeshi textile exporter, says American and European companies that now buy from about 60 countries might source from only 20 by 2006 and fewer than 10 by 2010. China is expected to be the biggest beneficiary...
Many South Asian countries say they are fighting unfair competition. Bangladeshi exporter Faruq, like many others, believes that China manipulates its currency to keep it undervalued against the U.S. dollar, thereby making its exports cheaper than Bangladesh's. But even if its currency rose against the dollar, China would still have tremendous advantages, as shown by data compiled in an International Monetary Fund working paper. The average Chinese garment-industry worker was paid $1,600 in 2001, more than double his Indian counterpart's wage and four times the money earned by the Bangladeshi. Despite the higher pay, the study...
...That's when a 1995 trade pact called the Agreement on Textiles and Clothing, signed by the members of the World Trade Organization (WTO), stipulates an end to quotas?and buyers like Joshi are free to find the best deals anywhere they can. Ghulam Faruq, a Bangladeshi textile exporter, says American and European companies that currently buy from about 60 countries might source from as few as 20 by 2006 and less than 10 by 2010. China is expected to be the biggest beneficiary under the new regime. Most analysts expect that efficient Chinese manufacturers will be able to lower...
...life or death," says Prashant Pokhrel, a Nepali exporter. Experts in Bangladesh fear that anywhere from $1.25 billion to $2.5 billion of that country's annual exports could be lost, with the shock waves rippling through the nation's banking sector and the entire economy. Some 70% of Bangladeshi garment workers are women; many come from backward rural areas. If they lose their jobs and are forced to return home, "many will have no option but to join the underground sex trade," says Nazma Akhter, president of the Bangladesh Independent Garment Workers' Union Federation...
...Nepal and Bangladesh are warning that they could be facing disaster. On Oct. 1, they took their case to a WTO council meeting and asked for the commission of a study looking into the impact of phasing out quotas. Many South Asian countries say they're fighting unfair competition. Bangladeshi exporter Ghulam Faruq believes, like many others, that China manipulates its currency to keep it undervalued against the U.S. dollar, thereby making its exports cheaper than Bangladesh's. But even if its currency were to rise against the dollar, China would still have tremendous advantages. According to data compiled...