Bissoy.com
Doctors Medicines MCQs Q&A

4 views

1 Answers

BREXIT and its impact on Bangladesh Economy

Brexit is an abbreviation for "British exit." which refers to the June 23, 2016, referendum whereby British citizens voted to exit the European Union. The referendum roiled global markets, including currencies, causing the British pound to fall to its lowest level in decades: Prime Minister David Cameron, who supported the United Kingdom remaining in the European Union, announced his plans to step down in October 2016, as a result.

The European Union represents 6% of the world's population But it accounts for more than 20% of global imports and exports. The EU emerges as the leading trade power in the world today. As such, it exhibits a strong interest in creating conditions in which trade can prosper. The European Union is specially committed to supporting developing countries' efforts to integrate into the trading system and to help them reap the benefits of market opening, giving them a hand where needed (Europa, 2004). The European Union applies this particularly trade policy to the poorest countries, for which the of globalization remain elusive. Furthermore, the European Union aims at free but fair world trade. The EUs trade policy now covers a broader canvas, beyond trade liberalization. It is about updating and improving international rules and giving trade partner countries a wider coverage to ensure fair trade and harnessed globalization.

Like the other LDCs, Bangladesh gets more trading benefit from the European Union. The EU works closely with Bangladesh in the framework of the EU-Bangladesh co- operation agreement since in 1976. This agreement provides broad scope for cooperation extending to trade and economic development, human rights, good governance, and the environment. Enhanced market access to the EU and an improved trading environment, the EU has provided the Generalized System of Preference (GSP) for Bangladesh. As such Bangladesh always enjoyed the advantage of duty and generally quota free access to the EU market. Export sector of Bangladesh has undergone structural changes in the decade of 80 in the last century with a significant shift from jute-centered exports to readymade garments and knitwear. The main items that Bangladesh exports to the EU are ready-made garments (90%), frozen food (6%) and others (4%) cover leather and leather goods, pharmaceutical product, and tea RMG, ready-made gurment, industry has virtually thriven in the competitive advantage of a quota free access to the EU market. Moreover, the EC's autonomous decision to grant dury and quota free access to all products produced in the less developed countries (with the exception of arms) comes up with new perspectives for Bangladesh. The main imports from the EU consist of transport equipment, textile and textile articles, food stuffs, beverages and tobacco, machinery and appliances, and chemical products. The balance of trade with EU, over the years, remained hugely in favor of Bangladesh.

Conclusion: The United Kingdom has finally decided to leave the European Union (EU) as per results of a referendum. Although it is still too early to predict the fallout of the Brexit which means British exit, it's true that the tumbling of the British pound to a 31- year low will affect trading of like It's true that it could put a negative impact on the Bangladeshi exports to the UK, which is the third largest export destination for Bangladesh products.

Bangladesh would have to go for bilateral negotiation to avail trade facilities. But then if the Brexit brings positive results for the economy of the UK it would not hit Bangladeshi exports, but if the exit leads to any adverse impact on the economies of the UK and the EU then the South Asian country. Bangladesh enjoys duty-free benefits for all products and flexible rules of origins for readymade garments in the EU. Due to Brexit, Bangladesh would have to need bilateral agreements to avail the the UK. If any crisis takes place in the economy of EU and UK due to Brexit, it will hit hard Bangladeshi export business. 

4 views

Related Questions

Blue economy means extraction of the resources of sea of the growth of an economy. Bangladesh has settled maritime boundary disputes with Myanmar in 2012 and with India in 2014 through an arbitral method. It is estimates that Bangladesh has acquired 118,813 square kilometres of the Bay of Bengal. It is estimated that resources from the sea of Bangladesh constitute 81 per cent of the resources existing in territory. Within the jurisdiction of Bangladesh, the sea is endowed with immense and precious natural resources, living and non-living. Besides fish and other living animals, Bangladesh could also have gas fields as it is reported that Mayanmar has discovered a large gas field on its area of the sea. We need to ecosystems of the seas which are reportedly being degraded at an unprecedented rate, and this is not a issue only for Bangladesh . It should be addressed in cooperation with other countries.
1 Answers 4 Views
Translation: English to Bengali Economic affluence and prosperity are likely to reduce the scope and necessity of social protest which is a common phenomenon in many of the developing nations. Though the proposition is not always true and failed to pass the test of time in many countries and many societies, governments in one developing countries nowadays strongly uphold the concept. That's why they have concentrated their focuses, resources and efforts to economic growth to turn their countries affluent and prosperous. The growth-centric or growth-obsessed drive towards prosperity mostly sidelines the distributive aspects which is a major factor of different social protests. Theoretically, social protest is defined as a form of political expression that seeks to bring about a social or political change by influencing the knowledge, attitudes and behaviors of the public or the policies of an organization or institution. These protests generally take the form of overt public displays, demonstrations, civil disobedience and may also include covert activities like petitions, boycotts, lobbying, and even different online activities. In today's world, online activities have become a popular form of social protest, thanks to proliferation of social media and other virtual platforms, Social protest is also considered a strong tool to air the grievances and sometimes compel the government and relevant authorities to address the problems or fix the flaws. In Bangladesh, different kinds of social protests have been observed in last couple of years when economy registered an unrelenting growth Usually social protests mostly ended within a period of time and mostly never linger unless those are serious issues. Those who participate in the protests do not come for any revolutionary change overnight. They mostly want to draw the attention of the policymakers and authorities to rectify the defects within a reasonable time frame.
1 Answers 6 Views
Economic affluence and prosperity are likely to reduce the scope and necessity of social protest which is a common phenomenon in many of the developing nations. Though the proposition is not always true and failed to pass the test of time in many countries and many societies, governments in some developing countries nowadays strongly uphold the concept That's why they have concentrated their focuses, resources and efforts to economic growth to turn their countries affluent and prosperous. The growth-centrist or growth-obsessed drive towards prosperity mostly sidelines the distributive aspects which is a major factor of different social protests. Theoretically, social protest is defined as a form of political expression that seeks to bring about a social or political change by influencing the knowledge, attitudes and behaviors of the public or the policies of an organization or institution. These protests generally take the form of overt public displays, demonstrations, civil disobedience and may also include covert activities like petitions, boycotts, lobbying, and even different poline activities. In today's world, online activities have become a popular form of social protest, thanks to proliferation of social media and other virtual platforms Social protest is also considered a strong tool to air the grievances and sometimes compel the government and relevant authorities to address the problems or fix the flaws. In Bangladesh, different kinds of social protests have been observed in last couple of years when economy registered an unrelenting growth Usually social protests mostly ended within a period of time and mostly never linger unless those are serious issues. Those who participate in the protests do not come for any revolutionary change overnight. They mostly want to draw the attention of the policy makers and authorities to rectify the defects within a reasonable time frame. (Translation English to Bengali)
1 Answers 6 Views
Write a precis of the following text:Since there is no sign that the war in Ukraine will come to an end soon, any hope of resumption of wheat supply from the warring nations fades on a distant horizon. Innocent and vulnerable people across the length and breadth apart from the Ukrainian refugees will have to pay a heavy price for then fractious international politics. The shockwaves of the war are felt everywhere in an inter connected world. The world's economic recovery will be seriously hampered by the Russia Ukraine war prolonging. Both man-made and climatic hostilities can leave economies everywhere badly wounded and bleeding. Bangladesh cannot evade the deleterious impact of the supply crunch of wheat, the second most important staple food after rice. So far as rice is concerned. It has already recorded another price hike in the past week. What is even more concerning is the negative prospect of paddy harvest. It is not because paddy yield was bad but because the recent inclement weather has wrought havoc with its harvesting. Famers cannot manage enough farm labourers to harvest paddy and take the crop home. In several areas, ripe paddy is simply floating on accumulated rainwater. This is sad indeed! Its impact will be felt on the supply of the staple food. A coordinated move aimed at helping farmers harvest paddy by the local administration could save the crop but no such move was taken.
1 Answers 5 Views