European Union Ambassador to Bangladesh Rensje Teerink while underlining that current GSP regulation only applies to human and labour rights conventions but the new regulations will be extended to good governance and environmental protection, underlined that Bangladesh needs to follow the core issues related to GSP Plus facilities in detail because in the post-LDC graduation period “Generalised Scheme of Preferences Plus will probably be the way forward.”
The EU Ambassador, reportedly, came up with this observation recently while delivering her keynote speech at a virtual dialogue titled ‘Bangladesh-European Union Relations: Prognosis for the Future’, organised by the philanthropic arm of the Cosmos Group, Cosmos Foundation, as part of its ongoing Ambassador’s Lecture Series even as experts participating in this event, reportedly, suggested nine-year extension of the DFQF market access to the EU.
It may be mentioned here EU’s GSP Plus facility gives developing nations a special incentive to pursue sustainable development and good governance even as eligible countries have to implement 27 international conventions on human rights, labour rights, the environment and good governance while in return, the EU cuts its import duties to zero on more than two-thirds of the tariff lines of their exports.
Rensje Teerink further added the current GSP regulation will expire on 31 December 2023, but there will be a grace period beyond that date even as she, reportedly, added some progress needs to be made on labour rights.
