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BANGLADESH


 

Key Economic Data 
 
  2004 2003 2002 Ranking(2004)
GDP
Millions of US $ 56,844 51,900 45,500 54
         
GNI per capita
 US $ 440 400 390 175
Ranking is given out of 208 nations - (data from the World Bank)

Books on Bangladesh



Update No: 002 - (27/02/06)

Politics
The Law, Justice and Parliamentary Affairs Ministry forwarded the draft of the Consumers Rights Protection Act to the Ministry of Commerce for placing before the cabinet for its final approval. The Law Ministry has accepted the draft prepared by the Committee of the Secretaries. The Ministry of Commerce initiated the act for protecting the rights of the consumers. The draft act of the bill contains provision for formation of a National Consumers Council, Consumers' Arbitration Committee and punishment for offences. The draft also included provisions for establishing district and metropolitan arbitration committees and consumers' tribunals. The Cabinet took the decision to enact the Consumers Rights Protection Act at a meeting on August 9, 2004 and asked the Committee of the Secretaries to prepare a draft of Consumers Rights Protection Act to protect the consumers' rights in the country. The draft provides for establishing a Directorate of Consumers Affairs (BCA). The Consumers Association of Bangladesh (CAB) has been urging the government to enact a law for the last fifteen years to protect the rights of consumers. Borhan Ahmed, President of the CAB said that the passing of the Consumers Rights Protection Act in the parliament will fulfill that act soon.

Bangladesh's Relations with Russia
According to the Bangladesh Ministry of Foreign Affairs Report, Foreign Secretary Mr. Hemayetuddin visited Moscow at the end of January for bilateral consultations with the Foreign Ministry of the Russian Federation. The Russian Foreign Minister expressed hopes that friendly ties between both countries would be forged and emphasized that Russia valued the close political dialogue and cooperation with Bangladesh on bilateral and other international issues. He further add that the existing levels of cooperation could be strengthened by increased contacts in different domains, i.e,, issue areas. Mr. Lavrov also expressed his desire to meet with Foreign Minister Morshed Khan in the near future. The Foreign Secretary also handed over a letter addressed to President Vladimir Putin from Prime Minister Begum Khaleda Zia inviting him to visit Bangladesh and conveying her desire to further strengthen and deepen Bangladesh- Russia relations. He mentioned that the present relations between Bangladesh and Russian Federation were based on very strong foundations dating back to a rich historical legacy between both countries. Foreign Secretary Mr. Hemayetuddin recalled the crucial role that Russia played in support of Bangladesh's Liberation War in 1971. He also briefed the Russian Foreign Minister about different development programs undertaken by the present government of Prime Minister Begum Khaleda Zia and its achievements in different sectors. The Foreign Secretary said that Bangladesh would welcome Russia's support, assistance and cooperation in the energy sector and power generation and other areas. 

Chinese imports overtake those from India
Bangladesh's imports from China have exceeded the country's purchases from neighboring India for the first time in the July-September period last year. Imports from China stand at approximately 32.14 billion taka ($476.5 million), surpassing 27.08 billion taka in imports from India during the first quarter of Bangladesh's fiscal year. Mir Nasir Hossain, President of the Federation of Bangladesh Chambers of Commerce and Industry told Reuters that "China has become very competitive both in terms of price and quality. They are invading globally and we can't keep them off in this age of free market economy." The main imports from China comprise textiles, machinery and chemical products. Mr Mohammed, head of the Export Promotion Bureau also stated that Bangladesh has stepped up its efforts to increase its exports to China in order to be a strong competitor in the world economy. China granted duty-free access to 84 Bangladeshi goods under the Asia Pacific Trade Agreement, which was implemented on January 1, 2006.

Bangladesh's economy is expected to grow by 6.5 percent in this financial year, powered by better-than-expected exports and money sent home by workers abroad, the Asian Development Bank forecast Monday. Bangladesh's gross domestic product is seen expanding by 6.5 percent for the fiscal year to June, up from 5.6 percent the preceding year, the Manila-based bank said in its quarterly economic update. According to the bank, adverse effects of higher oil prices on balance of payments have been partly moderated by rapid growth in workers' remittances and better-than-expected export growth.
Despite extreme poverty, the South Asian nation of 140 million people has been one of the world's fastest-growing economies. It has logged an average of over five percent growth since the early 1990s. Readymade garments, which comprise three-quarters of Bangladesh's exports, posted double-digit growth in 2005, defying forecasts that abolition of global textile quotas at the start of last year would badly damage the sector. Garment exports surged 11 percent to 6.89 billion dollars in calendar 2005, according to data from the Bangladesh's Export Promotion Bureau. Worker remittances jumped 20 percent to a record 4.1 billion dollars in calendar 2005, the country's central bank said. Nearly four million Bangladeshis work abroad, according to government figures, but unofficial estimates put the number at almost double.

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