Bangladesh wants the zero-duty benefit that it enjoys in the European Union (EU) countries to be extended further even after it graduates into a developing nation from the current least developed country (LDC).
This the country seeks in view of the adverse economic impact of the COVID-19 outbreak.
As per media reports, the Commerce Ministry has written a letter to EU requesting extension of the zero-duty benefits on export that the country has been enjoying under the EU’s Everything but Arms (EBA) scheme, meant for the least developed countries.
According to the Commerce Secretary Md. Jafar Uddin, the ministry in its letter to the EU maintained that Bangladesh is undergoing a crisis due to the COVID-19 pandemic in view of which the country wants that the EBA be extended further.
We did not mention any particular period or scheme, reportedly said the Commerce Secretary on the letter sent while adding that Bangladesh was expected to join the league of developing nations by 2024.
It may be mentioned here that the EU is Bangladesh’s biggest trading partner and accounts for lion’s share of the country’s total apparel exports.
