Following the severe economic ramifications of the COVID-19 pandemic, Bangladesh could very well continue to enjoy the duty-free trade benefits in the European Union (EU) for a few more years even after its graduation from the group of least developed countries (LDC).
Media reports maintained this while quoting related Government officials.
It may be mentioned here that the EU – Bangladesh currently enjoys duty-free facilities to EU as an LDC under the Everything But Arms (EBA) scheme – is a major export destination for Bangladesh, especially for the ‘Made in Bangladesh’ apparel products.
Under the EBA scheme, with the exception of armaments, all imports from the LDCs to the EU are duty- and quota-free.
However, this November, the EU is supposed to review the duty-free facility under the EBA scheme.
According to reports, if the duty- and quota-free facility is withdrawn, Bangladesh’s export will decline 5.7 per cent annually as local exporters will then have to face an 8.7 per cent duty on exports to the EU.
We will hold a virtual meeting with the EU trade officials on 12 October to place our demand for an extension of the trade benefits, reportedly underlined Commerce Secretary Md. Jafar Uddin to the media while adding that Bangladesh will mainly raise the issue of continuing the GSP facility, at the meeting, Uddin said.
