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Bangladesh is now looking forward to prospects of increased trade opportunities as European Union is reportedly ready to withdraw Pakistan’s GSP+ status over abuse of its blasphemy laws.
The European Parliament on Monday declared that it will withdraw Pakistan’s GSP+ status over the country’s use of its controversial blasphemy laws, reports the republicworld.com.
Since 2014, Pakistan has been enjoying mostly zero duties on two-thirds of all product categories under the GSP+ trade facilities.
In reaction to the event, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan termed sees it as a great opportunity for the country if the withdrawal does take place.
“As the withdrawal of GSP+ status of Pakistan will erode the duty free trade benefits in EU markets, prices of Pakistani goods will increase, which will leave their exporters in tougher competition,” said Hassan.
With rise in price, European buyers will relocate to other countries for a better deal. Bangladesh will get benefitted from this as we offer quality products at a reasonable price, said the business leader.
“If it happens, I see a great opportunity for Bangladeshi exporters.”
In FY2020-21, Bangladesh exported apparel goods worth $19.43 billion, which is 61.77 per cent of total apparel exports of $31.45 billion.
According to the republicworld.com report, the EU said “abuse of blasphemy laws in Islamabad is a major concern, and cases have been widely reported.”
“A joint motion for a resolution, backed by all major global political groups, and MEPs, pushed the EU to conduct an immediate review of Pakistan’s eligibility for GSP+ status earlier this year. The decision, considered appropriate, was the withdrawal of Islamabad’s status,” it added.
“Such a move, which apparently enjoys the support of the majority of the house, would be highly damaging for Pakistan’s economy: from 2010 to 2020, EU27 imports from Pakistan have almost doubled, with much of the growth coming in the aftermath of the award of GSP+ in 2014,” the EU parliament was quoted by the report as saying.
It also added that the European Commission’s official figures reveal that EU was now Pakistan’s second most important trading partner, accounting for 14.3 per cent of Pakistan’s total trade in 2020, and absorbing 28 per cent of Pakistan’s total exports.
Pakistan attracted condemnation for convicting a Christian couple of blasphemy in an apex court, who were both handed death by hanging sentence in 2013 despite that the couple was illiterate and the alleged blasphemous message was in English.
An EU political report, published on July 26 by Philippe Jeune, highlighted that Islamabad was trading opportunities offered by the EU Generalised Scheme of Preferences (GSP) as a major beneficiary.Bangladesh is now looking forward to prospects of increased trade opportunities as European Union is reportedly ready to withdraw Pakistan’s GSP+ status over abuse of its blasphemy laws.
The European Parliament on Monday declared that it will withdraw Pakistan’s GSP+ status over the country’s use of its controversial blasphemy laws, reports the republicworld.com.
Since 2014, Pakistan has been enjoying mostly zero duties on two-thirds of all product categories under the GSP+ trade facilities.
In reaction to the event, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan termed sees it as a great opportunity for the country if the withdrawal does take place.
“As the withdrawal of GSP+ status of Pakistan will erode the duty free trade benefits in EU markets, prices of Pakistani goods will increase, which will leave their exporters in tougher competition,” said Hassan.
With rise in price, European buyers will relocate to other countries for a better deal. Bangladesh will get benefitted from this as we offer quality products at a reasonable price, said the business leader.
“If it happens, I see a great opportunity for Bangladeshi exporters.”
In FY2020-21, Bangladesh exported apparel goods worth $19.43 billion, which is 61.77 per cent of total apparel exports of $31.45 billion.
According to the republicworld.com report, the EU said “abuse of blasphemy laws in Islamabad is a major concern, and cases have been widely reported.”
“A joint motion for a resolution, backed by all major global political groups, and MEPs, pushed the EU to conduct an immediate review of Pakistan’s eligibility for GSP+ status earlier this year. The decision, considered appropriate, was the withdrawal of Islamabad’s status,” it added.
“Such a move, which apparently enjoys the support of the majority of the house, would be highly damaging for Pakistan’s economy: from 2010 to 2020, EU27 imports from Pakistan have almost doubled, with much of the growth coming in the aftermath of the award of GSP+ in 2014,” the EU parliament was quoted by the report as saying.
It also added that the European Commission’s official figures reveal that EU was now Pakistan’s second most important trading partner, accounting for 14.3 per cent of Pakistan’s total trade in 2020, and absorbing 28 per cent of Pakistan’s total exports.
Pakistan attracted condemnation for convicting a Christian couple of blasphemy in an apex court, who were both handed death by hanging sentence in 2013 despite that the couple was illiterate and the alleged blasphemous message was in English.
An EU political report, published on July 26 by Philippe Jeune, highlighted that Islamabad was trading opportunities offered by the EU Generalised Scheme of Preferences (GSP) as a major beneficiary.
