Trade benefits to continue even after LDC graduation: EU envoy

Bangladesh will continue to enjoy duty-free trade benefits in the European Union countries for a few more years even after its graduation from the group of least developed countries in 2026.

The outgoing EU ambassador to Bangladesh Rensje Teerink came up with such a pledge while paying a courtesy call on Commerce minister Tipu Munshi at the latter’s official residence in the city on Sunday.

During her farewell call on, the EU envoy told the minister that the EU will continue the existing trade facilities for Bangladesh even after its graduation from the LDC in 2026 as the country has emerged as an important trading partner of the EU member countries, said a press release of the Ministry of Commerce.

“As the EU member countries attach a great importance to Bangladesh in the field of trade, the existing trade facilities from the EU will continue for the country in the days ahead,” said the press release quoting Rensje Teerink.

Terming Bangladesh an excellent and potential country, she also appreciated Bangladesh for tackling the Covid-19 pandemic with efficiency and also promised that the EU would continue to stand by Bangladesh in the coming days.

According to the press release, the Commerce minister also said, “Bangladesh is very grateful to the EU as it has long been providing trade facilities to Bangladesh and I hope that the EU will continue to provide trade facilities to Bangladesh even after LDC graduation in 2026.”

“As the EU is a major export market for Bangladeshi readymade garments, after LDC graduation, more cooperation from the EU countries is needed for facilitating export trade and increasing efficiency in negotiations. Efforts to increase trade between Bangladesh and the EU countries will carry on further,” the minister added.

He said, “With holding the second position in RMG export across the world, the country’s ready-made garment industry now stands on a solid foundation. Like many other countries of the world, Covid-19 has caused havoc on the RMG sector in Bangladesh. However, the government took various initiatives to tackle the situation by providing assistance through various incentive packages to pay the workers’ salaries.” he added.

“Bangladesh’s garment industry is now much safer and work-friendly than ever before. The safety of the workers in the factory has been ensured while the rights of the workers are also established. Now, both the factory owners and workers are happy,” claimed the minister.