BGMEA optimistic about benefits of SPG + after graduation from Bangladesh

Bangladesh’s top garment industry trade body said there was no major obstacle for the country to get the benefits of GSP + in the European market, if any, as the country has graduated of the Least Developed Countries (LDCs) Club.

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan provided information at a press conference at a city hotel on Saturday while noting that the prerequisite for SPG + on the import threshold (7.4%) has been removed from the proposed GSP regulation for 2024. -2034.

The conference was organized to share the results of his recent visit to the United States and Canada.

The head of BGMEA thanked the EU for its initiative in favor of countries like Bangladesh.

Everything But Arms (EBA) is a special agreement for LDCs, giving them duty-free and quota-free access to the EU market for all products except arms and ammunition.

Read: BGMEA discusses export and FDI opportunities with Bangladesh envoy

The President of BGMEA said that the European Union (EU) is Bangladesh’s main export market with around 60% of exports.

He said Bangladesh will enjoy the duty-free and quota-free market access existing in European countries until 2029, after the country’s graduation.

“The government and BGMEA are working together to ensure the sustainability of EBA facilities for 12 years beyond 2029,” he said.

The EU has granted trade preferences to developing countries through the Generalized Scheme of Preferences (GSP) since 1971.

The GSP is one of the EU’s main trade instruments to help developing countries integrate into the global economy, reduce poverty and support sustainable development by promoting fundamental human rights and labor, environmental protection and good governance.

The head of BGMEA said they had more than 30 meetings during the visit and tried to project the achievements and possibilities of Bangladesh.

During his visit, Faruque stressed the need for constructive dialogues, research, economic diplomacy and engagement with governments and stakeholders at the international level in order for Bangladesh’s economic growth momentum to continue after obtaining of the LDC diploma.

He highlighted the issues regarding the reclassification of Bangladesh to LDCs, possible changes to the tariff regime in export markets and how preferential market access can be maintained in the post-LDC period.

READ: BGMEA wants to increase RMG’s exports to Canada, promote a positive image

Faruque said that finding pragmatic ways to maintain easy market access is essential to remain competitive in export markets, while creating new market opportunities will be equally important.

He highlighted the efforts to ensure the continuation of trade benefits for Bangladesh for 12 years after graduation from LDCs in 2026.

The head of BGMEA also highlighted the contribution of the Bangladesh garment sector to achieving the Sustainable Development Goals (SDGs) and stressed the need to project successes on global platforms, including the UN.

Syed Nazrul Islam, first vice-president of BGMEA; the vice-presidents Md Shahidullah Azim, Khandoker Rafiqul Islam, Miran Ali, Rakibul Alam Chowdhury; Directors Barrister Shehrin Salam Oishee, Asif Ashraf, Md Mohiuddin Rubel, Md Khosru Chowdhury, Faisal Samad, Abdullah Hil Rakib, Rajiv Chowdhury, Barrister Vidiya Amrit Khan and M Ahsanul Hoq were also in attendance.

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