Bangladesh urges EU to extend transition period to six years

Bangladesh has called on the European Union (EU) to extend the transition period of GSP (EBA) from three years to six years for ensuring smoother graduation from the least developed country (LDC) status, reports news agency UNB.

A delegation from Bangladesh led by prime minister’s principal secretary Mohammad Tofazzel Hossain Miah called on Maximilian Krah, member of the EU, in Brussels on Thursday.

The delegation included Bangladesh Garment Manufacturers and Exporters Association president Faruque Hassan, commerce secretary Tapan Kanti Ghosh, Bangladesh Ambassador to Belgium Mahbub Hassan Saleh, and former Metropolitan Chamber of Commerce and Industry president Nihad Kabir.

The two sides discussed different trade-related issues, including challenges of Bangladesh, especially the graduation of the country from the LDC category, and its possible implications on trade competitiveness and the overall economy.

The discussion also covered the issue of Bangladesh’s preparedness to continue its growth momentum in the post-LDC era.

The Bangladesh delegation also urged the EU to waive its safeguard textile threshold criteria or redesign the mechanism for Bangladesh in the proposed GSP scheme for 2024-2034 so that the country could benefit from GSP Plus after the LDC graduation.

Faruque said the EU has helped the country boost its trade especially through granting GSP, and also addressing various challenges on the way to development.

He hoped that the support would continue in the coming days.