EU agrees to extend GSP facility to Bangladesh till 2029

Friday, 29 October 2021 00:00 - - {{hitsCtrl.values.hits}}

www.businessinsiderbd.com: The European Union (EU) has agreed to extend the GSP facility to Bangladesh till 2029, according to its Commerce Minister Tipu Munshi.

He told a webinar on Wednesday that the EU would continue its duty-free market access for Bangladesh for three years after the country’s graduation from Least Developed Country (LDC) status in 2026.

The Minister made the disclosure on the second day of the Trade and Investment Summit 2021 organised jointly by the Commerce Ministry and Dhaka Chamber of Commerce and Industry (DCCI).

The European market is Bangladesh’s largest export destination with over 50% shipments every year. “Bangladesh continues to discuss trade and business challenges with the EU. The latest decision of the EU will help us,” Munshi told a webinar on ‘Economic Ties of Bangladesh and Europe: New Regulatory Regime’. The Minister said Bangladesh had amended labour laws and ensured rights of workers. He noted that Bangladesh had the largest number of green factories in the world, which had enhanced the country’s image outside the world, but some quarters often created propaganda to demean the country. Bangladesh is holding a week-long trade and investment summit that began on Tuesday. Around 450 investors from 38 countries are expected to attend the summit virtually from 38 countries around the world.