Bangladesh has a good chance for achieving GSP plus trade facility in the European market after LDC graduation, but it will need more dialogue with the EU, the German Ambassador said on Monday.
“GSP Plus facility is very important for the export sector, the RMG sector, for the Bangladeshi economy. I’m confident that the chances are good that Bangladesh could achieve this,” Ambassador Peter Fahrenholtz said.
“But I would like to take this opportunity to recall how much important the ongoing dialogue with the EU for Bangladesh for this,” the German envoy added.
The German ambassador was addressing the opening session of daylong Bangladesh-German Consultation on Development Cooperation meeting held at the Economic Relations Division (ERD).
Currently, Bangladesh, as an LDC, enjoys duty-free access to the EU market, which will end after graduation from the least developed status.
About 58 per cent of its exports go to EU countries, which has helped it a lot in achieving the threshold requirement for LDC graduation. It earned about $22 billion in export earning from the EU in 2018-19.
Now, Bangladesh is in negotiation with the EU for getting the GSP Plus facility to continue preferential trade facility in the European market after coming out of LDCs bracket.