Bangladesh

Political violence in Bangladesh continues to increase amid growing tensions between supporters of the country’s two primary, but opposing, political parties. Demonstrations have reached a boiling point this week following news that a close aide to opposition party leader Khaleda Zia was shot on January 13 in what many international observers are calling an assassination attempt. Additionally, four people, including one child, were killed on January 14 after the bus they were travelling in was reportedly attacked by opposition supporters who had imposed a roadblock. The uprising was triggered earlier this month after police cracked down on an opposition protest against last year’s controversial elections. At least 18 people have been confirmed dead from the violence. (Time)/(Reuters)

Ongoing political protests in Bangladesh are beginning to take a major toll on the country’s economy. Leaders with the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) say that the country is losing US$90 million per day in export revenue and industry leaders are urging activists on both sides to resolve their issues quickly to avoid inflicting long-term damage on the vital readymade garment sector. Last year, political violence took a major toll on export growth in the sector with exports growing just 1% between July and December. (Wall Street Journal)

Bangladesh’s apparel exports to the United States fell by 3.5% year-on-year in 2014, according to industry insiders, while several of the country’s main competitors actually gained ground in the U.S. market. Analysts point to sluggish apparel demand in the U.S. as well as ongoing concerns about compliance issues as causes for the decline. Vietnam posted a gain of over 14% to the U.S. market in the same period while India posted a 6% gain. (New Age BD)

The government of Bangladesh says that it has temporarily suspended the 2014 fire fighting and fire prevention rules to consider modifying them. The move was spurred by a demand from major trade groups in the country who say that the existing law was implemented without consulting all involved stakeholders. Government leaders say that they have formed a committee to recommend changes within the next two months. (The Financial Express)

The government of Bangladesh says that it will ask the U.S. government once again to reinstate duty free access to its market. The request is expected to be made at this year’s meeting of TICFA (Trade and Investment Cooperation Forum Agreement) in Washington, DC. Duty free access for Bangladeshi goods was revoked last year in the wake of workplace safety concerns following the Rana Plaza disaster. (The Daily Star)