Bangladesh retained the previous laws and also enacted additional laws in response to the changing circumstances and needs of the working class and the employers. In many cases those existing laws were outdated, scattered, inconsistent and often overlapping each other. As a result, in 1992 a Labour Law Commission was formed by the Government which examined 44 labour laws and recommended to repeal 27 laws preparing a draft Labour Code in 1994.11 This draft of Labour Code, 1994 underwent series of changes in its vetting stages and finally the Bangladesh Labour Act, 2006 was passed by the Parliament on October 11, 2006. This law is one of the very recent laws with major overhauling changes in the field of labour legislation. 8. Significance of RMG Industry in the Economy Undeniably the RMG sector from its inception has been contributing tremendously for the economic development of the country. The thriving RMG industry has grown from $12,000 in exports in 1978 to $21.5 billion in 2012-2013 and now in accounts for 80% of total exports.12 Export Promotion Bureau data show that RMG sector's contribution to the country's exports was 3.9% in fiscal 1983-1984 and now it stands at nearly 80%. The country maintains 4.8% of the global RMG trade of $412 billion and its export will reach $36- 40 billion by 2020. This sector has been a backbone for the country’s economy and it is the world's second largest garment exporter after China.13 Rock-bottom wages and trade deals with Western countries have helped make Bangladesh the world’s second-largest apparel exporter after China, with 60 percent of its clothes going to Europe and 23 percent to the United States.14 It has been thriving since 1985 after getting quota free access known as Generalized System of Preferences (GSP). At present, 11 Siddiqi, H.G.A. 2004. “The Readymade Garments Industry of Bangladesh”, The University Press Limited, First Edition, pp. 192-121, Dhaka, Bangladesh. 12 BEGMA, ‗RMG: The Mainstay of Bangladesh Economy‘ Bangladesh Garment Manufacturers and Exporters Association, available at <http:// www.bgmea.com.bd/home/pages/Strengths#.Uoz348ReZLA >, last accessed May 19, 2014. 13 Imam, Mahmuda, Safety and Security of Garment Workers, The Daily Star, February 27, 2014, see link < http://archive.thedailystar.net/newDesign/news-details.php?nid=270581> accessed on May 22, 2014. 14 Ruma, Paul, Bangladesh Factories Agree to Pay Rise But Protests Go On, November 14, 2013, es see link http://www.reuters.com/article/2013/11/14/us-bangladesh-garments-idUSBRE9AD0BL20131114 accessed on June 3, 2014.