Keeping in mind the upcoming LDC graduation, exporters and experts in Bangladesh have underlined it is high time to start negotiations for a bilateral agreement with the European Union so as to keep enjoying the existing trade preferences in the largest export market of Bangladesh.
Media reports maintained this adding experts opined post LDC transition, Bangladesh’s exports in the EU might get impacted on account of erosion of trade preferences and rising competition with competing nations as well as EU green deal and environmental, social and governance compliance.
If the proposed EU GSP for 2024-34 is passed by the EU Parliament without amendments, Bangladesh’s apparel and textile products may not get duty-free benefits under the GSP Plus system after 2029, the experts, reportedly, further maintained adding a strong engagement with the EU could bring facility for Bangladesh to address the challenges, including green deal and ESG compliance in phases; otherwise Bangladesh’s exports will face major hindrance in the form of increased competition and additional carbon tax on Bangladeshi products.
