Govt urges EU to provide GSP-plus facilities after 2027

The government has asked the European Union (EU) to provide GSP-plus (generalised system of preferences) facilities to Bangladesh even after 2027, the year till which the country will continue to enjoy trade facilities for LDCs. “Bangladesh will become a developing country from LDC in 2024. So, all trade facilities for LDCs will continue for the country till 2027. We're urging EU to give GSP-plus facilities after the end of the LDC trade facilities in 2027,” said commerce minister Tofail Ahmed at the fourth EU–Bangladesh Business Climate Dialogue held at the Secretariat yesterday.  

The EU was giving GSP facilities to Bangladesh under the “everything, but arms” policy, the minister observed. “The EU is a large export market for Bangladeshi products. At least 52 per cent of our total exports is to EU countries,” he added. Tofail also said that Bangladesh’s total export volume to EU markets now stood at USD 21.33 billion, while the country’s imports accounted for USD 3.5 billion.

“Bangladesh is the proper place for investment across the world. Prime Minister Sheikh Hasina has declared to develop 100 special economic zones in the country. Work in this regard is progressing very rapidly. So, we urge EU countries to invest in these economic zones,” he added.

According to Tofail, five working groups on customs, pharmaceutical, tax, financial flows and investment were formed to boost trading facilities between Bangladesh and the EU. “These groups are working to resolve the problems after identifying trade barriers and obstacles in the five sectors,” he said.

The EU ambassador to Bangladesh, Rensje Teerink, told reporters that the bloc was interested in increasing its investment in Bangladesh. “The EU is now giving trading facilities to Bangladesh under everything, but the arms policy. Such facilities will continue in future,” she said.

Teerink, who also headed the international delegation, further said the committees formed to resolve the trade-related problems also helped to increase the trade volume.

“We hope the next business climate dialogue will be held in March. EU investors are keen to invest in Bangladesh and they will decide on this after visiting the country,” she added.

French ambassador Marie-AnnickBourdin, German deputy head of mission Michael Schultheiss, Netherlands ambassador-designate Harry VerweijD, Spanish ambassador Alvaro de Salas Glmenez de Azcarate, Denmark’s ambassador Winnie Estrup Petersen, Sweden’s ambassador. Charlotta Schlyter and British ambassador in-charge Khanbar Hossein-Bor also attended the Bangladesh–EU dialogue. Commerce ministry senior secretray Shubhashish Bose, NBR chairman Mosharrof Hossain Bhuiyan, Bangladesh Investment Development Authority executive chairman Kazi Aminul Huq and other senior officials also attended the dialogue.

The EU–Bangladesh business climate dialogue was introduced in 2016 to remove all trade barriers between the two.

Govt urges EU to provide GSP-plus facilities after 2027

The government has asked the European Union (EU) to provide GSP-plus (generalised system of preferences) facilities to Bangladesh even after 2027, the year till which the country will continue to enjoy trade facilities for LDCs. Bangladesh will become a developing country from LDC in 2024. So, all trade facilities for LDCs will continue for the country till 2027. Were urging EU to give GSP-plus facilities after the end of the LDC trade facilities in 2027, said commerce minister Tofail Ahmed at the fourth EUBangladesh Business Climate Dialogue held at the Secretariat yesterday. The EU was giving GSP facilities to Bangladesh under the everything, but arms policy, the minister observed. The EU is a large export market for Bangladeshi products. At least 52 per cent of our total exports is to EU countries, he added. Tofail also said that Bangladeshs total export volume to EU markets now stood at USD 21.33 billion, while the countrys imports accounted for USD 3.5 billion. Bangladesh is the proper place for investment across the world. Prime Minister Sheikh Hasina has declared to develop 100 special economic zones in the country. Work in this regard is progressing very rapidly. So, we urge EU countries to invest in these economic zones, he added. According to Tofail, five working groups on customs, pharmaceutical, tax, financial flows and investment were formed to boost trading facilities between Bangladesh and the EU. These groups are working to resolve the problems after identifying trade barriers and obstacles in the five sectors, he said. The EU ambassador to Bangladesh, Rensje Teerink, told reporters that the bloc was interested in increasing its investment in Bangladesh. The EU is now giving trading facilities to Bangladesh under everything, but the arms policy. Such facilities will continue in future, she said. Teerink, who also headed the international delegation, further said the committees formed to resolve the trade-related problems also helped to increase the trade volume. We hope the next business climate dialogue will be held in March. EU investors are keen to invest in Bangladesh and they will decide on this after visiting the country, she added. French ambassador Marie-AnnickBourdin, German deputy head of mission Michael Schultheiss, Netherlands ambassador-designate Harry VerweijD, Spanish ambassador Alvaro de Salas Glmenez de Azcarate, Denmarks ambassador Winnie Estrup Petersen, Swedens ambassador. Charlotta Schlyter and British ambassador in-charge Khanbar Hossein-Bor also attended the BangladeshEU dialogue. Commerce ministry senior secretray Shubhashish Bose, NBR chairman Mosharrof Hossain Bhuiyan, Bangladesh Investment Development Authority executive chairman Kazi Aminul Huq and other senior officials also attended the dialogue. The EUBangladesh business climate dialogue was introduced in 2016 to remove all trade barriers between the two.