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Indonesia and Bangladesh are in the negotiation stage of the Indonesia-Bangladesh Preferential Trade Agreement (IB-PTA). In this agreement, there are several leading Indonesian commodities that will enter the Bangladesh market, one of which is palm oil (CPO). However, Indonesia must also prepare for the entry of Bangladeshi products, one of which is textiles. Suddenly, the textile garment industry players rejected the plan. The reason is, Bangladesh is one of the countries with the strongest textile industry in the world and has the potential to take over the domestic textile market.


The free competition of the domestic textile industry with Bangladesh must be responded quickly by the government with a series of policies to sustain competitiveness. This follows the target of completing the Indonesia-Bangladesh Preferential Trade Agreement (IB-PTA) this year. The Institute for Development of Economics and Finance (Indef) underlined that an open market is a necessity, although it must be supported by an equal level of playing field so as not to harm local industries. Researcher at Indef's Center for Industry, Trade and Investment Ahmad Heri Firdaus said that in order to be competitive, the government should provide incentives to intervene in the production cost structure so as to pursue the competitive advantage of Bangladeshi textiles.


The increase in world crude oil prices is considered sufficient to affect the business continuity of textile and textile product (TPT) industry players. Referring to Bloomberg data, the price of West Texas Intermediate (WTI) oil has penetrated US$ 121.95 per barrel on Tuesday (8/3) at 16.30 WIB. Meanwhile, the price of Brent oil was at the level of US$ 125.93 per barrel at the same time. Secretary General of the Indonesian Filament Yarn and Fiber Producers Association (APSyFI) Redma Gita Wirawasta said the portion of fuel costs in the textile industry actually varies. In the upstream sector, the share of fuel to total production costs is in the range of 25-27%.