The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently signed an agreement with US firm Sidley Austin LLP for advice on getting duty-free trade benefits to the European Union (EU) extended once Bangladesh graduates from the group of least developed countries (LDCs) in 2024. The EU has offered a three-year grace period on the facility following the graduation.
The firm will advise BGMEA in preparing arguments and strategies to prolong preferential market access to the EU, with a focus on the ongoing EU generalised system of preferences (GSP) reform discussions and Brexit, Bangladesh newspapers reported.The Bangladesh Garment Manufacturers and Exporters Association has signed an agreement with Sidley Austin LLP for advice on getting duty-free trade benefits to the European Union (EU) extended once Bangladesh graduates from the group of least developed countries in 2024. The EU has offered a three-year grace period on the facility following the graduation.#
The graduation is set to mark the end of GSP, a component of which is the EU's Everything But Arms (EBA) initiative. The EBA allows duty-free access to Bangladesh's shipments considering the country's LDC status.
The law firm's services are free under its Trade for Development Initiative, Emerging Enterprises pro bono programme, said BGMEA president Rubana Huq.
Fibre2Fashion News Desk (DS)
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