EuroCommerce, which is the principal organisation in Europe representing the retail and wholesale sector, has underlined the safeguard measures as proposed in the European Union’s (EU) new GSP regulation, if remained untouched, could adversely impact Bangladesh’s overall economy.
This is as per reports, which added EuroCommerce, which represents over 5 million companies in the European retail and wholesale sector, has maintained Bangladesh could face most-favoured-nation (MFN) tariffs and the suspension of zero-duty benefits for its apparel items in the EU market consequent to the same.
Reports further added EuroCommerce also expressed concern to the EU over a specific article of the new post-2023 GSP regulation proposal connected to the automatic safeguards applied to textile and apparel products even as it called for negotiations on the new GSP regulation while also expressing apprehensions that the hundreds of thousands of apparel workers are at risk of losing their jobs.
EuroCommerce also reportedly held the proposed measures could jeopardise the sustainable development of the sector.
