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Bangladesh needs concerted efforts to avail of new GSP+ benefits in EU

29 Oct '21

2 min read

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Bangladesh commerce minister Tipu Munshi recently said concerted efforts are needed to be compliant to avail of new generalised scheme of preferences plus (GSP+) in the European Union (EU) market. In the draft of the new regulation published last month, the EU has proposed to remove the import-share criterion for GSP+ eligibility and Bangladesh will directly benefit from this change, he said.

Tipu said this in a webinar titled ‘Economic Tie of Bangladesh and Europe: New Regulatory Regime’ held on the second day of Bangladesh Trade and Investment Summit 2021, which was jointly organised by the ministry of commerce and the Dhaka Chamber of Commerce and Industry (DCCI).

He urged all sectors including public and private to be cautious to become compliant in all conventions before applying for GSP+ facility in the EU market, according to Bangladeshi media reports.

DCCI president Rizwan Rahman said Bangladesh is one of the main trading partners of Europe, accounting for around 35 per cent of total trade in 2020 and after graduating from the least developed country (LDC) status, Bangladesh will face strict rules of origin requirement.

Bangladesh should sign free trade agreement or a preferential trade agreement with the EU and the United Kingdom, and that will guarantee preferential market access, he said.

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