Policy reforms needed to be part of bilateral trade with EU

Speakers at a webinar on Monday stressed the need for policy reforms to be a part of bilateral trades with the countries of the EU.

The Research and Policy Integration for Development (RAPID) on Monday organized the webinar tilted ‘Towards a transformed and revitalized Trade and Economic Partnership with the EU: Issues and Priorities for Bangladesh’.

The government policymakers, businessmen, economists and experts expressed their views at the webinar.

Centre for Policy Dialogue (CPD) distinguished fellow Professor Mustafizur Rahman said, “We have to establish the labour rights and child rights that the EU is talking about in our own interest.”

He also said it is time for preparation to get bilateral trade opportunity from the countries including the EU. To this end, he said, discussion with different countries apart from developing skill through reformation of policy should be continued.

Bangladesh Trade and Tariff Commission former member Mostafa Abid Khan said especially the private sector should have preparation to face the upcoming challenges.

“Before LDC graduation we have to gradually reform our policy,” he said.

Ministry of Commerce Senior Secretary Tapan Kanti Ghosh said Bangladesh as a LDC graduating country continued it discussion through the World Trade Organization to avail trade opportunity for three more years.

The discussion in the EU is going on to get GSP facility. If that facility cannot be obtained due to new rules of the EU in that case the preparation is on to join the Free Trade Agreement (FTA).

Recently members of the EU parliamentarian team wanted to know about Bangladesh’s opinion on the FTA. But the duty must be reduced reciprocally if the country becomes the part of the FTA. In this regard the big challenge is to protect the local industries.

RAPID Chairman M A Razzaque said EU is an indispensable trade and development partner of Bangladesh. At present the big challenge for Bangladesh is to get trade facilities after the country’s LDC graduation.

Professor Dr Delwar Hossain underscored the need for having a long-term strategic relation with EU to deal with the emerging issues.

Dr Syed Muntasir Mamun emphasized on having an assessment of how EU may evolve in future not only in trade aspects but also in technology and innovation.

He further noted that besides capacity building, focus should also be given on raising awareness on the issues affecting the bilateral relations, innovation and entrepreneurship.

Professor Amena Mohsin said it is not about negotiating concessions and preferences only it is also about humanity to deal with environmental concerns. And Bangladesh must contribute to that process.

Mr Md Humayun Kabir noted that given the emerging circumstances, having a proper due diligence gap assessment is very important. It is necessary to ensure proper enforcement of the existing laws and provisions.