The ready-to-wear industry is one of the globalized industries. However, the ready-to-wear (RMG) sector has become the one that earns the most foreign exchange. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get the original essay The ready-to-wear industry has grown exponentially since the 1980s. Globally, this sector contributes significantly to GDP. 1950 marks the beginning of RMG in the Western world. The MFA (Multi-Fiber Agreement) concluded in 1974 mandated an increase in the export rate of 6 percent each year from a developing country to a developed country. China is one of the leading ready-to-wear clothing exporting countries. In the early 1980s, Bangladesh began to receive investment in the ready-made garment sector. Some Bangladeshis received free training from Korean company Daewoo. In the 1980s, there were only 50 factories employing just a few thousand people. There are currently 4,490 manufacturing units. The ready-made garment sector contributes around 76 percent to the total export earnings. This sector also contributes about 13 percent to the GDP, up from only about 3 percent in 1991. RMG products are exported mainly to the United States of America and the European Union. Of the 4.2 million people employed in this sector, around 50 percent are women from rural areas. In 2000, the industry, made up of some 3,000 factories, directly employed more than 1.5 million workers, almost 80% of whom were women. The United States is the largest importer of Bangladeshi ready-made garments, followed by Germany, the United Kingdom, France and other EU countries. Recent moves show that India and Pakistan pose the two biggest threats to Bangladesh's ready-made garment and textile industry. Because the readymade garment industry has played an important role in the Indian and Pakistani economy. For Bangladesh, the readymade garment sector is the goose that lays the golden eggs. The country has become the second largest exporter of ready-to-wear products, just behind China. Bangladesh entered the garment export market in 1978 with only nine units and earned US$ 0.069 million. Over the past three decades, this sector has seen phenomenal growth thanks to government policy support and, more importantly, the dynamism of private sector entrepreneurs and extremely hard-working workers. Today, the number of readymade garment units is around 6,000 and export earnings have increased. exceeded 20 billion dollars. Knitted garments are exported to 148 countries and woven products to 132 countries. Export earnings could more than double by 2020. But all this expansion and global demand started after the failure of the export of jute (which was the main export product in the past). Bangladesh's textile industry employs around 3.6 million workers, including 2.8 million women. The workers in these garment factories are almost always illiterate. They have very limited knowledge of human rights, working conditions and labor standards. Keep in mind: this is just a sample. Get a personalized article from our expert writers now. Get a Custom Essay Additionally, a survey found that European and American companies that focus on the value segment of the apparel market plan to increase the share of its sourcing from Bangladesh from 25 to 32 percent by 2020, compared to an average of 20 percent..