EU agrees to extend GSP facility to Bangladesh till 2029: Minister

Commerce Minister Tipu Munshi on Wednesday said that the European Union will continue its duty-free market access for Bangladesh for 3 years after the country’s graduation from the least developed country (LDC) 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 the Bangladesh largest export destination with over 50 percent 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 tie of Bangladesh and Europe: New regulatory regime”.

The minister said Bangladesh has amended the labour laws and ensured rights of the workers. He said Bangladesh has the largest number of green factories in the world, which has enhanced the country’s image outside the world.

But some quarters often make propaganda to demean the country, he said.

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.

DCCI president Rizwan Rahman also spoke among others at the webinar.