Brexit may impact trade growth of Bangladesh

The Brexit referendum result would not have long-term impact on

Bangladesh economy, said Bangladesh Bank's (BB) chief economist Biru
Paksha Paul, reports the BSS. "The fall of British currency, pound, following
the referendum result of Brexit will be temporary," he said while addressing
a discussion on "The State of the Bangladesh Economy: Recent Budget and
Looming Challenge" in Board of Investment (BOI) board room in the city on
Wednesday. BOI organised the open forum discussion where BOI Executive
Chairman Dr SA Samad presided over the discussion. The market would not
face any big volatility as it was feared initially, Biru Paksha Paul said, adding
that the country's foreign trade involves a small amount of sterling as major
portion of transactions is done in US dollars. The BB chief economist, also
keynote speaker of the discussion, said foreign exchange reserve has crossed
US$30 billion. He said the central bank can take initiatives to use a part of
foreign exchange reserve in the productive sectors as the reserve is gradually
increasing.(1july,2016)
Brexit is short for "British exit." It refers to a vote taken on June 23, 2016, in
which British voters voted to leave the European Union. The vote could have
profound consequences for Britain, the EU, and the global economy. Britain
has been a member of the European Union (or its predecessor, the European
Economic Community) since 1973. But a series of crises have shaken British
confidence in the EU. The European Central Banks disastrous handling of
the post-2008 recession caused sky-high unemployment in Greece and Spain.
The Syrian refugee crisis tested Europes open-borders policy. In 2014,
Conservative Prime Minister David Cameron was worried about gains by the
far- right United Kingdom Independence Party (UKIP). So to mollify antiimmigration voters in his party, he promised a referendum on British exit
from the European Union if he won the 2015 election. Cameron personally
believed it would be a mistake for Britain to leave the EU, and campaigned
for voters to vote to remain in. But other members of his party including
former London Mayor Boris Johnson campaigned for a "Leave" vote.
Also supporting Leave was UKIP leader Nigel Farage, who argued that
immigrants were costing Britons jobs, using up government services, and
committing crimes. In the end, Leave won, with nearly 52 percent of voters

deciding to exit the EU. As economists predicted, the Leave vote is causing
economic turmoil. As the result came in, the value of the British pound fell
by 10 percent to $1.35, its lowest level against the dollar since 1985. Stock
markets around the world fell in Friday trading. The vote spooked financial
markets because the British economy has become deeply intertwined with
the European continent. Negotiating Britains withdrawal could be a messy,
complex process, and the new post-withdrawal rules might make it harder to
do business between the UK and the EU threatening Londons status as
the financial capital of Europe. Brexit could also create big headaches for
people moving between Britain and the continent. EU rules guarantee that
EU citizens of one country can live and work in any other EU country. There
are about 3 million non-British EU nationals living in the UK and about 1.2
million Brits living in other EU countries. At a minimum, Brexit will mean
more paperwork and hassles and some people could even lose their right
to live in the UK and thus be deported. But it will take years for the
implications to become clear. David Cameron announced his resignation on
Friday morning, so his successor will have to lead negotiations with the EU
over the terms of the post-exit relationship. The leading candidate is Boris
Johnson, a more conservative and Euroskeptical figure than Cameron. EU
rules specify that these parties will have a two-year window in which to
negotiate new agreements to replace existing EU rules. Those rules cover
trade, migration, agriculture, the environment, and more. So negotiations
could drag on for years. And uncertainty about the outcome will loom over
the British economy. The UK government has estimated that exit could cause
the British economy to be between 3.8 and 7.5 percent smaller by 2030
depending on how well negotiations go. Other reports have found smaller but
still significant impacts.

BREXIT: Bangladesh apprehends adverse economic impact

Exit of the United Kingdom form the European Union (EU) known as
BREXIT, a stunning turn of events, might have impact on Bangladeshs
economic growth. This is a notion of all trade bodies,economists, trade
specialists in our country. Recently,The Dhaka Chamber of Commerce and
Industry (DCCI) said in a statement that the decision of Brexit from EU
apparently emits deep global uncertainty, hurting the attractiveness and

growth prospect of the EU as well as heightening global trade, business and

investment volatility. Apparently, the decision is going to emerge as a new
geo-political and geo-economic epoch throughout the globe. Zahid Hussain,
lead economist of the World Bank said,It is bad news for the global
economy. It is not good news for Bangladesh at all, as we are dependent on
the global economy, and the UK is a major market for us, As Britain chose
to leave the EU, economists and exporters said it would be a major challenge
for Bangladesh to retain duty-free trade privilege of its goods to the UK.
Because of Brexit, the whole EU as well as the UK would face an economic
crisis. As a result, people would buy less and the exporting countries would
feel the pinch, said Faruque Hassan, vice president of Bangladesh Garment
Manufacturers and Exporters Association.
Importance of UK as well as EU for our economy : The UK is Bangladesh's
third largest export destination after the US and Germany, and the second
largest in Europe worth $3.4 billion led by $2.9 billion RMG and other nontraditional products.Bangladesh exported goods worth $3.23 billion to the
UK in 2014-15, registering a 21.28 percent growth from the previous year,
according to the Export Promotion Bureau. Garments make up nearly 90
percent of the export figure. The UK is not only an export destination. Many
international companies are headquartered there. This country is very
important to Bangladesh greatly in the future plan for expansion of our
export basket in terms of value and volume, said Faruque Hassan. Migrant
workers living in the UK send $1 billion in remittance every year,
contributing greatly to Bangladesh's remittance income of more than $15
billion. The UK is a good destination not only for apparel, but also for fresh
vegetables and agro-products because of the significant number of
Bangladeshis residing in the UK.Export of jackfruits and mangoes has risen
recently. Other items high in demand are carrot, tomato, potato, eggplant,
spinach, cauliflower, papaya, pumpkin, bottle gourd, cabbage, coriander leaf,
okra, cucumber, bitter gourd, bean, jute leaf, drumstick, radish, fish and
meat. Local companies also export agro-processed food to the
UK.Bangladesh exports fruits and vegetables worth more than Tk 400 crore
to the UK a year. Nearly 40 percent of the country's total export of
vegetables, fruits and allied products a year is destined for the UK. Garment
shipments to the EU increased by 4.11 percent year-on-year to $15.37 billion
last fiscal year, according to the EPB. The EU is the largest export trade bloc

for Bangladesh.Being a least developed country, Bangladesh has been

enjoying the zero-duty benefit since 1971 under Everything But Arms
scheme of the EU, a trade bloc of 28 European nations.Bangladesh was able
to reach its current position of the second largest apparel exporter worldwide
due to EU's generous trade benefits since 1971. Bangladesh now enjoys a
12.5 percent duty benefit, which means Bangladeshi exporters don't have to
pay any duty on export to this trade bloc. At present, the 28-nation economic
union accounts for 60.28 percent of the country's garment exports a year.In
Europe, Germany was the prime destination, as in previous years, accounting
for $4.33 billion of the $15.37 billion export receipts.
Repercussions of BREXIT: The jolt from the Brexit may affect Bangladesh,
undermining the export growth potential under GSP facility and remittance
earning and spill catastrophic impact on the bilateral trade and investment
relationship above all growing development cooperation for Bangladesh.
This instance has already started upsetting the global financial and capital
market by plunging pound sterling by 10% against the dollar and by 3%
against euro which cant guarantee immunity to Bangladesh. Because of the
plunge in the pound, migrant workers and non-resident Bangladeshis may
postpone sending money back home until the currency revives.The drown
may hit Bangladeshi exporters, as purchase of goods or services by the UK
from other countries will be more expensive Diminution of pound will thwart
purchasing power,also will hit incremental export business and earning of
Bangladesh especially flagship of RMG sector given that EU accounts for 55
percent and UK accounts for 12% of global RMG export of Bangladesh and
other potential exportable products in the pipeline. According to a note by
London-based research firm Capital Economics, Brexit would cause at most
a GDP drop of 0.2 percent across Asia. The finding is based on a worst-case
scenario estimate by London-based think tank National Institute of Economic
and Social Research, which said Brexit would reduce British imports by 25
percent worldwide within two years.Exports to the UK presently account for
only 0.7 percent of Asian countries' GDP, said Capital Economics. The
immersion will also downsize remittance flow and FDI inflow in
Bangladesh. In addition, $50 Billion RMG export target earning backed
export led economic graduation may dwindle. . Measures suggested to be
taken : DCCI urged the government to immediately take into account the
possible consequences and take precautionary measures to deal with the

developments this regard, also to initiate focused bilateral discussion with the
UK to find alternative way outs and avoid unforeseen /
unanticipated/anecdotical economic menace. DCCI also urged the
government to form a national committee comprising representatives of trade
bodies, trade experts, international trade law practitioners, economists,
researchers, and representatives from concerned ministries and agencies to
observe and report the findings to the government on post-Brexit global
economic order. (Info compiled from The Sun,The Dhaka Tribune,The Daily
Star)

Brexit and our export trade

BANGLADESH'S export is hugely dependent on the EU and US markets.
These two markets constitute about 73 per cent of our total export. Even
though Bangladesh is exporting more than 737 commodities to around 200+
markets, 81 per cent of our export earnings come from ready-made garments
(Woven and Knit) through exporting to EU and USA. We are not in a
comfortable situation now due to our excessive dependence on these two
traditional markets.
Brexit has become a matter of great concern for us. In terms of export
destination, United Kingdom (UK) is one of the largest export destinations
after Germany (14.50 per cent worth US$ 4.12 billion). About 11 per cent of
our exports (worth US$ 3.2 billion) are shipped to UK. Following Brexit
Bangladesh may face setbacks in its export trade as it needs to renegotiate
with UK about getting preferential market access to enjoy duty free facilities
as it used to be with EU.
The government as well as leading chambers should formulate a strategic
plan and approach to the new government of UK accordingly. As it will take
two more years for UK to complete the formalities about leaving EU, the

policy makers and think tanks of Bangladesh will get sufficient time at their
disposal to prepare rules of origins and other relevant formalities to maintain
the UK market.
Our export target for FY 2015-16 is US$ 33.50 billion. If everything goes on
right, Bangladesh will surely achieve the target comfortably. We are
certainly aware that without retaining the existing market and exploring the
new ones, the target of achieving US $ 60 billion by 2021 will turn out to be
a misnomer.
Considering all the issues, we should prepare ourselves to overcome all the
challenges ahead arising out of UK's exit from EU.

No change in plans for BB over Brexit

The central bank has no plans to realign its reserve money invested in pound
sterling even after the currency hit a 31-year low following Britain's vote to
leave the European Union, a top official said.
Our exposure to pound sterling is minor and we don't see any risk there,
SK Sur Chowdhury, deputy governor of Bangladesh Bank, told The Daily
Star yesterday.
BB gives more weight to the US dollar, so keeps a lion's share of its reserve
money in greenbacks, he said.
Presently, Bangladesh has around $29.3 billion of foreign exchange reserve,
which is equivalent to eight months' import payment. Of the sum, only 4
percent, or $1.17 billion, is in pound sterling.
Pound recovered slightly against the US dollar upon reassuring statements
from the Bank of England after a 10 percent plunge on Friday.
So, the value of the BB's exposure of $1.17 billion with the sterling has now
come down to $1.07 billion in one day.

In other words, Bangladesh's investment in sterling lost nearly $95 million or

Tk 745 crore ($1=Tk 78.4) in value overnight.
Also in Dhaka, pound sterling lost its value by more than 7 percent on
Thursday alone. Each British pound sold at Tk 115.34 at the inter-bank
exchange level on Wednesday, which plummeted to Tk 107.26 the following
day.
Yet, BB is not concerned as it has only 4 percent of its investments in pound
sterling.
We are more concerned about the inflow of remittance from England than
our investments in sterling, said another BB official, wishing not to be
named.
He is concerned because remittance is the major source of Bangladesh's
healthy reserve.
After the Middle East countries, Malaysia and the US, the UK is the major
source of remittance for Bangladesh.
Non-resident Bangladeshis in the UK sent home more than $812 million in
fiscal 2014-15, and about $760 million in the first 11 months of the current
fiscal year.
If the Brexit causes job losses in the UK, Bangladeshis working there may
also be affected, the official added.

DCCI fears Brexit impact on Bangladesh economy

UNB

26th June, 2016 01:22:01

Exit of the United Kingdom form the European Union (EU) might have
impact on Bangladeshs economic growth, the Dhaka Chamber of Commerce
and Industry (DCCI) said in a statement on Saturday.

The business body in the statement said the decision of Brexit from EU
apparently emits deep global uncertainty, hurting the attractiveness and
growth prospect of the EU as well as heightening global trade, business and
investment volatility, UNB reports.

Apparently, the decision is going to emerge as a new geo-political and geoeconomic epoch throughout the globe, it said.

The EU is the largest export market and the UK is the second largest
Bangladesh-bound foreign investor and export destination for Bangladesh,
worth $3.4 billion, the statement noted.

The jolt from the Brexit may affect Bangladesh, undermining the export
growth potential under GSP facility and remittance earning and spill
catastrophic impact on the bilateral trade and investment relationship above
all growing development cooperation for Bangladesh, it added.

DCCI urged the government to immediately take into account the possible
consequences and take precautionary measures to deal with the
developments this regard, also to initiate focused bilateral discussion with the
UK to find alternative way outs and avoid unforeseen economic menace.

DCCI also urged the government to form a national committee comprising

representatives of trade bodies, trade experts, international trade law
practitioners, economists, researchers, and representatives from concerned
ministries and agencies to observe and report the findings to the government
on post-Brexit global economic order.

Bangladesh may lose huge duty benefits

Refayet Ullah Mirdha, Rejaul Karim Byron and Md Fazlur Rahman
Bangladesh runs the risk of losing duty benefits on its annual exports of more
than $3 billion to the UK, as Britons voted to leave the European Union
sending shocks across the world in a stunning turn of events.
Apart from exports to the UK, the third largest export destination for
Bangladesh, remittance income from the European country may come under
strain as an impact of its departure from the EU.
In the long run, Bangladesh's economy might take a hit if the current
uncertainty in the global economy persists further.
It is bad news for the global economy. It is not good news for Bangladesh at
all, as we are dependent on the global economy, and the UK is a major
market for us, said Zahid Hussain, lead economist of the World Bank in
Dhaka.
There had already been uncertainty in the global economy and Brexit
exacerbated it further, he said.
According to Zahid, the devaluation of the pound may have an immediate
impact on Bangladesh's exports and remittance.
He, however, said the devaluation resulted from an overreaction which
would cool down soon.
The UK is Bangladesh's third largest export destination after the US and
Germany, and the second largest in Europe.
Bangladesh exported goods worth $3.23 billion to the UK in 2014-15,
registering a 21.28 percent growth from the previous year, according to the
Export Promotion Bureau. Garments make up nearly 90 percent of the export
figure.

As Britain chose to leave the EU, economists and exporters said it would be
a major challenge for Bangladesh to retain duty-free trade privilege of its
goods to the UK.
Because of Brexit, the whole EU as well as the UK would face an economic
crisis. As a result, people would buy less and the exporting countries would
feel the pinch, said Faruque Hassan, vice president of Bangladesh Garment
Manufacturers and Exporters Association.
He said once the UK leaves the EU, it would no longer depend on the EU for
crucial decisions. In such a case, the trade privilege may be reduced, as there
would be no partner to oppose the decisions.
The UK is not only an export destination. Many international companies are
headquartered there. This country is very important to us. The UK matters
greatly in the future plan for expansion of our export basket in terms of value
and volume, added Hassan.
Among western economies, the UK is the second biggest source of
remittance for Bangladesh after the US. Migrant workers living in the UK
send $1 billion in remittance every year, contributing greatly to Bangladesh's
remittance income of more than $15 billion.
Because of the plunge in the pound, migrant workers and non-resident
Bangladeshis may postpone sending money back home until the currency
revives, said Zahid.
The plunge may hit Bangladeshi exporters, as purchase of goods or services
by the UK from other countries will be more expensive.
Yesterday, the pound fell dramatically as the referendum outcome emerged.
At one stage, it hit $1.3236, a fall of more than 10 percent and a low not seen
since 1985.
Zahid said Brexit could be contagious and provoke other EU countries to
leave the bloc. And if that happened, Europe would be weakened further.

Brexit could spur a tariff war among countries as they may seek to raise
customs and other duties to protect their domestic industries. If all countries
impose import tariffs, the global trade would squeeze. If the global trade
squeezes, it will affect our economy, he said.
Ahsan H Mansur, executive director of the Policy Research Institute of
Bangladesh, said that as a way forward, the Bangladesh government should
start lobbying with the British government to retain the duty benefit
Bangladesh enjoys from the EU.
He said Bangladesh's export to the UK would continue to grow because of
the big number of non-resident Bangladeshis. But we have to ensure dutyfree market access.
His comments were backed by Zahid of the World Bank.
Exporters said if the UK continues to give Bangladesh duty-free benefit even
after its exit from the EU, Bangladesh wouldn't face any challenge in terms
of export.
Being a least developed country, Bangladesh has been enjoying the zero-duty
benefit since 1971 under Everything But Arms scheme of the EU, a trade
bloc of 28 European nations.
The EU is the largest export trade bloc for Bangladesh.
Bangladesh was able to reach its current position of the second largest
apparel exporter worldwide due to EU's generous trade benefits since 1971.
Bangladesh now enjoys a 12.5 percent duty benefit, which means
Bangladeshi exporters don't have to pay any duty on export to this trade bloc.
But if the UK discontinues the benefit, Bangladesh will lose its
competitiveness to other competitors, said Ahsan.
The UK is a good destination not only for apparel, but also for fresh
vegetables and agro-products because of the significant number of
Bangladeshis residing in the UK.

Export of jackfruits and mangoes has risen recently. Other items high in
demand are carrot, tomato, potato, eggplant, spinach, cauliflower, papaya,
pumpkin, bottle gourd, cabbage, coriander leaf, okra, cucumber, bitter gourd,
bean, jute leaf, drumstick, radish, fish and meat. Local companies also export
agro-processed food to the UK.
Bangladesh exports fruits and vegetables worth more than Tk 400 crore to
the UK a year. Nearly 40 percent of the country's total export of vegetables,
fruits and allied products a year is destined for the UK.
Garment shipments to the EU increased by 4.11 percent year-on-year to
$15.37 billion last fiscal year, according to the EPB.
At present, the 28-nation economic union accounts for 60.28 percent of the
country's garment exports a year.
In Europe, Germany was the prime destination, as in previous years,
accounting for $4.33 billion of the $15.37 billion export receipts.
The UK came in next, importing garment items worth $2.9 billion from
Bangladesh.
According to a note by London-based research firm Capital Economics,
Brexit would cause at most a GDP drop of 0.2 percent across Asia.
The finding is based on a worst-case scenario estimate by London-based
think tank National Institute of Economic and Social Research, which said
Brexit would reduce British imports by 25 percent worldwide within two
years.
Exports to the UK presently account for only 0.7 percent of Asian countries'
GDP, said Capital Economics.
According to experts, it will take the UK at least two years -- if not more -- to
sort out the historic exit from the 28-country bloc.

BREXIT: Bangladesh apprehends adverse economic impact

The recent UK-EU membership referendum (referred to as Brexit) resulting

in an overall vote for UK to leave the EU as opposed to remaining an EU
member, has Bangladeshs apex garment manufacturers entity Bangladesh
Garment Manufacturers and Exporters Association (BGMEA), prominent
economists and trade bodies expecting negative impact on Bangladeshs
exports, especially on apparels, as the UK is the third largest garment
importer from Bangladesh.
Like many other countries, economists and analysts in Dhaka also expressed
apprehensions about probable negative impact of UKs exit from the EU,
among which are losing duty benefits on Bangladeshs exports, decline in
remittance inflow and volatility in the foreign exchange market It seems
that our export to Bangladeshs big market the UK will be under pressure.
We seek Government support so that we can maintain smooth export to the
region, reportedly stated BGMEA Vice President (Finance) Mohammed
Nasir to a news agency.
Dhaka Chamber of Commerce and Industry (DCCI) has also urged the
Government to immediately take into account possible consequences and
take precautionary measures to deal with the developments, besides
requesting the Government to initiate focused bilateral discussions with UK
to find alternative way outs and avoid unforeseen economic repercussions. In
the wake Britains exit from the EU, the Government has now reportedly
decided to form a committee to fix the next course of action. A new
situation has been created after Britain voted to break away from the EU in a
historic referendum, said Commerce minister Tofail Ahmed, adding the
Tariff Commission Chairman would lead the proposed committee as the
country needs to keep its business interest unharmed.
Reacting on the development, prominent economist of the country, Dr.
Khondaker Golam Moazzem reportedly maintained that if the volatility
continues in Britains internal economy, such a situation may discourage
import in Britain. In that case, there might be an impact on Bangladeshs
export, Moazzem underlined, while former advisor to the caretaker
Government, Dr. AB Mirza Azizul Islam reportedly said Bangladeshs
export might be affected to some extent. If the value of both British Pound

and Euro falls, therell be a negative impact on Bangladeshs export,

reportedly maintained Islam.
It may be mentioned here that Bangladesh enjoys full duty- and quota-free
access to the EU for all its exports with the exception of arms and armaments
under EUs Everything but Arms arrangement. Since UK left the EU,
Bangladesh now will have to renegotiate trade agreement with the UK after
two years, since the decision of leaving the EU will come into effect after
2018 only.

Assessing Brexit fallout on Bangladesh

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, its true that the tumbling of
the British pound to a 31-year low will affect trading of countries like
Bangladesh. Its 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 benefits in
the UK. If any crisis takes place in the economy of EU and UK due to Brexit,
it will hit hard Bangladeshi export business. Top economists at British
universities have feared that Brexit would damage UKs economy. They
thought that Brexit would cause uncertainty in the markets and pose other
economic risks. Although the Brexit is not directly related with Bangladesh,
the country might have to face its immediate impact. The exit of Britain from
EU would not be positive as integration is important this time for the EU
economy. Bangladeshs exports to the UK totalled US$ 3.20 billion in the
financial year 2015-16 with US$ 2.90 billion coming from the readymade
garments sector. The president of the World Bank has already warned a

British exit from the European Union could have a negative impact on
developing countries across the globe. Brexit is one of the biggest risks to
lower and middle income nations since the UKs economic grounding has a
direct impact on stability around the world. The gap between global
commodity imports and commodity exports, which have grown by 6% and
0% this year respectively, could get much worse as Britain leaves the EU.
And uncertainty in global capital markets is bad for the world economy. On
the other hand, the stability of the British economy is really important for the
stability of the global economy and also uncertainty in global capital markets
have very negative effects even on the poorest countries. It is time that
Bangladesh makes serious homework on ramifications of the Brexit and does
the needful.

Brexit may impact trade growth of Bangladesh

The decision of Brexit from EU apparently emits deep global uncertainty
hurting the attractiveness and growth prospect of EU and heightens global
trade, business and investment volatility, says Dhaka Chamber of Commerce
& Industries (DCCI)
Apparently, leave majority decision is going to emerge a new geo-political
and geo-economic epoch throughout the globe.
Indeed, EU is the largest export market and UK is the second largest
Bangladesh bound foreign investor and export destination for Bangladesh
worth of US$3.4 billion led by $2.9 billion RMG and other non-traditional
products.
DCCI in a statement yesterday feels considerable anxiety that the jolt from
the Brexit may affect Bangladesh undermining the export growth potential
under GSP facility and remittance earning and spill catastrophic impact on
the bilateral trade and investment relationship above all growing
development cooperation for Bangladesh.

DCCI also fears that Brexit will adversely upset and affect the global
financial and capital market depreciating Pound Sterling against major
dominating currencies. Meanwhile, the Pound Sterling fall by 10% against
the dollar and euro plunged by 3% which cant guarantee immunity to
Bangladesh.
Potential thwart of purchasing power slump of EU zone customers and
devaluation shock of pound and euro will adversely hit incremental export
business and earning of Bangladesh especially flagship of RMG sector given
that EU accounts for 55 percent and UK accounts for 12% of global RMG
export of Bangladesh and other potential exportable products in the pipeline.
The plunge will also downsize remittance flow and FDI inflow in
Bangladesh. In addition, $50 Billion RMG export target earning backed
export led economic graduation may dwindle.
In the wake of the newly emerged context, DCCI requests the government to
immediately take into account the possible consequences and precautionary
measures to deal with the changing development initiating focused bilateral
discussion with foreign office of UK and UKTI to find alternative way-outs
and avoid unforeseen economic menace.
DCCI also solicits government to form a national committee comprising of
trade bodies, trade expert, international trade law practitioner, economist,
researcher, and representative from concerned ministries and agencies to
observe and report findings to the government on post BREXIT global
economic order.