Despite being a developing country, Bangladesh is likely to get (Generalised Scheme of Preferences) GSP Plus benefits in the European Union (EU) market for another 12 years after 2029 due to relaxation of conditions.
BGMEA President Faruque Hassan expressed his hope and made the remarks while speaking at a press conference at a city hotel on Saturday.
The current GSP Plus facility for Bangladesh will remain in force till 2029. However, the government and BGMEA are working together to ensure that this facility remains available for at least 12 years more after 2029.
“The European Union’s proposed 2024-2034 GSP regulation eliminates this import threshold condition. As a result, whenever we lost the Everything But Arms (EBA) facility, there was no major obstacle to get the GSP Plus benefit,” he said.
It is to be noted that in the light of the World Trade Organization (WTO) market facilitation policy, the Least Developed Countries (LDCs), including Bangladesh, enjoy the Preferential Market Generalised Scheme of Preferences (GSP) for exporting goods to the EU market. However, this GSP is a duty free market facility for all (EBA) products except arms.
Our duty-free access to this market will change with the passage from the least developed countries.
He also said that during his recent visit to North America he had bunches of meeting with different brands, ambassadors, expatriate Bangladeshis and others where he highlighted the tremendous development of Bangladesh under the present government led by Prime Minister Sheikh Hasina.
“Over the past decade, Bangladesh has emerged as an ideal place for investment for a variety of reasons, including sustained economic growth, a large workforce of vibrant young people, strategic location, political stability, and growing infrastructure development,” he added.
Faruque Hassan further said, “We had to see ups and downs in the last two years due to the outbreak of pandemic. Now we are starting to turn around. Europe is our main market, where 60 percent of our products are exported.”
“The Readymade Garment (RMG) sector has seen extraordinary success in last 40 years. We have ensured safe workplace, workers’ welfare and environment-friendly industries in last 10 years. Our initiatives were appreciated and recognized by the people concerned across the world,” he said.