Bangladesh hopes for GSP+ facility on the European Union (EU) market until 2029 as well as some more trade preferences.
Commerce Minister Tipu Munshi came up with such optimistic outlook after a meeting with the EU head of delegation in Bangladesh, Charles Whiteley, at the secretariat on Wednesday, two days after the envoy's remark on the GSP+ facility.
"It is a courtesy meeting with the EU ambassador. Th-ere was no specific discussion in the call-on meeting. We have sought cooperation fro-m EU side. The envoy assured us to cooperate in future if any problem comes," Mr Munshi told reporters.
"We have discussed the trade-related issues including trade, investment, GSP and GSP+ facility. We will talk in future, too, if needed," he also said.
The commerce minister hopes that Bangladesh-after its graduation from the LDC status-will get GSP-plus facility across the EU market. Also, he says, "our expectation is more facility from the market."
Replying to a question he said currently there is no child labour in the country. The chapter has been closed long ago.
Dhaka is still upbeat about obtaining GSP+ facility on the EU market, he said. "We had positive discussion today," he made the remark responding to another question regarding the EU envoy's observation made at a recent event on EU GSP+ facility.
'This will not be picnic,' Charles Whiteley had said at that event while explaining the challenges Bangladesh may face in negotiating with the EU under the new trading system after graduating from the LDC status.
Bangladesh will take steps to start talks with the EU about the safeguard measure soon and it will also take measures to address different related issues so that the country can obtain the GSP+ facility from the EU bloc after graduation from the status of least-developed country.
Under the EU-proposed GSP Plus scheme, any single RMG item that crosses 6.0 per cent of the total value of any particular imported items will not enjoy the zero-duty facility.
The current GSP regime of the EU will expire in 2023 and a new one will replace it from the beginning of 2024. The commerce minister said the EU is the largest export destination for Bangla-desh items, especially apparel items.
He also mentioned that the country has log preparations for receiving duty-free facility after its graduation from LDC status in 2026.
"We are trying to sign preferential trade agreement (PTA) and free trade agreement (FTA) with different countries."
The commerce minister holds a long view of remedies for commodity-price rises that is making living costlier, especially hitting hard the commoners.
"The prices of some essential items, including edible oils, sugar and lentils, will be reduced if the global prices of such items decline," he said, responding to a question on the market situation.
The onion prices are expected to come down below Tk 40 per kg within one and a half months provided new harvests are available and smooth inflow of Indian variety into the market, he added.
Commerce Secretary Tapan Kanti Ghosh and senior officials of the ministry were present at the briefing
