The European Union (EU) has reiterated its commitment to ensure tariff-free trade benefits for Bangladesh after the latter graduates from least developed country (LDC) status.
Bangladesh, in return, appreciated sustained commitment from the EU to continue to provide tariff-free market access for Bangladeshi goods to the EU market, under the ‘everything but arms’ (EBA) regime – which, in other words is the GSP Plus.
The assurances and gratitude were exchanged between the 3rd Bangladesh – EU Diplomatic Consultations in Dhaka on July 19, 2018. The EU was led by Gunnar Wiegand, Managing Director for Asia and the Pacific, EU External Action Service, while Foreign Secretary Md Shahidul Haque represented the Bangladesh side.
Both sides agreed that trade is an important tool in tackling poverty, and that increasing bilateral trade would bring significant benefits to both sides. Both sides looked forward to strengthening the trade and investment relationship in the future.
The two sides reaffirmed their commitment to further deepen and broaden their partnership for peace, stability, and sustainable development, based on the principles of mutual respect, trust, equality and mutual benefit.
The agenda included political developments on both sides: Brexit, trade and investment – including everything but arms, strategy for post-LDC Bangladesh relations with the EU, and other issues of bilateral importance.
The EU briefed on political developments in Europe, including BREXIT negotiations. Bangladesh briefed on political developments, including the upcoming general elections to be held at the end of 2018.
The EU congratulated Bangladesh for being on-course to graduate to middle income country status. Bangladesh requested continued support from the EU for a smooth transition and sustained graduation. Both sides recognised that the nature of the development relationship will evolve as Bangladesh moves towards middle income country.
