Bangladesh Garment Manufacturers and Exporters Association urged European Union (EU), to extend Bangladesh’s transition period under the GSP.
In order to enable a sustained graduation from the LDC category by 2026, they are asking for an extension of six years.
During a recent meeting held at the BGMEA Complex, Dhaka, the BGMEA called the EU Ambassador Charles Whiteley.
Bangladesh currently enjoys trade privileges as a LDC. However, once it graduates, these will be lost to various trade blocs and countries.
There is a grace-period of three years until 2029 during which time the LDC trading benefits are available to the country graduating.
Due to adverse effects of Covid-19, and Russia-Ukraine War on the BGMEA as well as other trade organisations are requesting a new extension of grace period.
They argue that the extension would help Bangladesh better address the challenges that will arise in the post-LDC era and sustain the country’s development progress.
In a written statement issued following BGMEA’s meeting with Charles Whiteley, Faruque Hassan highlighted the importance and necessity of the extension.