Businesses in Bangladesh that make readymade clothes were concerned about the new US labor policy that was made public on November 16. Now the worries are even bigger because a US clothing company put a condition in the letter of credit it sent to a Bangladeshi clothing factory. The condition says that it won’t receive the goods or pay the money if Bangladesh is hit with any kind of sanction.
As proof, Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), told Prothom Alo on Wednesday that a buyer organization put a general condition in its LC. It said they wouldn’t get any goods if Bangladesh was sanctioned.
He also said that the company made it clear that it would not receive the goods if the sanction is put in place after it has been shipped, nor would it pay any money for that. The head of the BGMEA did not say the name of the buyer organization that included this condition, though.
Source: https://www.thedailystar.net/business/news/no-payments-if-bangladesh-faces-sanction-says-us-retailer-its-supplier-3487506?amp
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