Tofail optimistic of GSP Plus status from EU

Commerce Minister Tofail Ahmed yesterday expressed his optimism to get GSP Plus status from the European Union (EU) after graduating from the Least Developed Countries (LDCs) by 2021, reports BSS.
"We know some challenges would appear on way to availing GSP Plus status . . . but, we can meet any kind of conditions to get it," he added.
The minister passed the remarks at a joint press briefing after a meeting with the 16-delegation of EU Parliament, led by Chair of the International Trade Committee of EU Parliament Bernd Lange, at the State Guest House Meghna this noon.
The EU's "Generalised Scheme of Preferences" (GSP) allows developing countries to pay less or no duties on their exports to the EU. This gives them vital access to EU markets and contributes to their economic growth.
He said Bangladesh is diversifying its exports to cut dependency on RMG and that is why "we have set goals to earn $ 5 billion from IT sector by 2021 while $ 5 billion from pharmaceutical sector and $ 5 billion from leather and leather goods".
Replying to a query, the minister said many countries are not providing quota and duty free access to Bangladesh but bilateral trade with those countries is running well. "We would go for FTA with different countries after getting out from the LDCs."
Tofail said the EU delegation is pleased to know that Bangladesh has attained desired progresses in labour safety and security, trade union, infrastructure, labour law and fire safety. "The government has lifted all duties on fire safety equipment to meet the requirement."
This is the fourth time the EU delegation sat with Bangladesh after the Rana Plaza tragedy to follow up for the betterment of the overall scenario of the country's apparel sector.
Terming the meeting and exchange of views as fruitful, the EU delegation leader congratulated Bangladesh for attaining impressive economic development with 6-7 per cent growth.
Mentioning that the EU is providing quota and duty free access to all 48 LDCs for everything excepting arms, he said: "Compared to other 47 counties, I emphasised that Bangladesh has done its best and there is no doubt about it."

Tofail optimistic of GSP Plus status from EU

Commerce Minister Tofail Ahmed yesterday expressed his optimism to get GSP Plus status from the European Union (EU) after graduating from the Least Developed Countries (LDCs) by 2021, reports BSS. We know some challenges would appear on way to availing GSP Plus status . . . but, we can meet any kind of conditions to get it, he added. The minister passed the remarks at a joint press briefing after a meeting with the 16-delegation of EU Parliament, led by Chair of the International Trade Committee of EU Parliament Bernd Lange, at the State Guest House Meghna this noon. The EUs Generalised Scheme of Preferences (GSP) allows developing countries to pay less or no duties on their exports to the EU. This gives them vital access to EU markets and contributes to their economic growth. He said Bangladesh is diversifying its exports to cut dependency on RMG and that is why we have set goals to earn $ 5 billion from IT sector by 2021 while $ 5 billion from pharmaceutical sector and $ 5 billion from leather and leather goods. Replying to a query, the minister said many countries are not providing quota and duty free access to Bangladesh but bilateral trade with those countries is running well. We would go for FTA with different countries after getting out fromthe LDCs. Tofail said the EU delegation is pleased to know that Bangladesh has attained desired progresses in labour safety and security, trade union, infrastructure, labour law and fire safety. The government has lifted all duties on fire safety equipment to meet the requirement. This is the fourth time the EU delegation sat with Bangladesh after the Rana Plaza tragedy to follow up for the betterment of the overall scenario of the countrys apparel sector. Terming the meeting and exchange of views as fruitful, the EU delegation leader congratulated Bangladesh for attaining impressive economic development with 6-7 per cent growth. Mentioning that the EU is providing quota and duty free access to all 48 LDCs for everything excepting arms, he said: Compared to other 47 counties, I emphasised that Bangladesh has done its best and there is no doubt about it.