A delegation led by Mohammad Tofazzel Hossain Miah, Principal Secretary to the Honorable Prime Minister of Bangladesh, has sought continued support from the European Union (EU) for a smooth transition and sustained graduation from LDC.
The call was made when the delegation comprising BGMEA President Faruque Hassan, Commerce Secretary of Bangladesh Tapan Kanti Ghosh, Bangladesh Ambassador to Belgium Mahbub Hassan Saleh, Deputy Head of Mission Preeti Rahman, former President of MCCI Nihad Kabir, and Commercial Counsellor Md. Saiful Azam met with Bernd Lange, Member of the European Parliament, and also Chair of the European Parliament’s Committee on International Trade (INTA), in Brussels on March 30.
They discussed various issues including trade and investment, Everything But Arms (EBA), Bangladesh’s relations with the EU in the post-LDC era, and other issues of bilateral importance.
They highlighted the importance of specific trade preferences under EU’s Generalised System of Preferences (GSP) for the development of Bangladesh.
The EU account for about 60% of Bangladesh’s merchandise exports, more than 90% of which comprise textile and clothing items.
The Bangladesh delegation urged the EU to extend the transition period of GSP from 3 years now to 6 years to ensure smoother and sustained graduation of Bangladesh.
Expressing thanks to the EU for allowing Bangladesh duty-free access to the European market, BGMEA President Faruque Hassan said the trade preference under the EBA facility had helped the country to have a considerable RMG export share in the EU.
Since the GSP is very much important for Bangladesh’s trade competitiveness, the extension in the transition period would help the country to prepare better for smooth graduation and continue the growth momentum, he added.
In the meeting, the Bangladesh side called on the EU to consider waiving the EU’s safeguard textile threshold criteria or redesigning the mechanism for Bangladesh in the proposed GSP scheme for 2024-2034 so that Bangladesh could benefit from GSP Plus after the LDC graduation.
