Bangladesh seeks more GSP Plus trade facilities from EU
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Sunday
August 14, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
SUNDAY, AUGUST 14, 2022
Bangladesh seeks more GSP Plus trade facilities from EU

Bangladesh

TBS Report
08 December, 2019, 03:25 pm
Last modified: 09 December, 2019, 12:05 am

Related News

  • Bangladesh-Iraq trade grows four-fold
  • Uncertainty over trade with Russia starts to go 
  • UK brings in ownership register for property held by foreign companies
  • 2,500 tonnes of rice enter Bangladesh from India’s Karnataka by train
  • British businesses turning away from China, industry group says

Bangladesh seeks more GSP Plus trade facilities from EU

The EU wants a positive business climate for its investors in Bangladesh

TBS Report
08 December, 2019, 03:25 pm
Last modified: 09 December, 2019, 12:05 am
Bangladesh seeks more GSP Plus trade facilities from EU

Bangladesh has sought the Generalised Scheme of Preferences (GSP) Plus trade facilities from the European Union, after its graduation to the status of a developing country.

Commerce Minister Tipu Munshi requested for the GSP Plus trade facilities at the 6th plenary of EU-Bangladesh Business Climate Dialogue at the Commerce ministry on Sunday.

Bangladesh, as a Least Developed Country (LDC), currently enjoys the duty-free access to the EU market under the Everything But Arms (EBA) initiative.

GSP Plus is a special incentive arrangement for sustainable development and good governance and it grants full removal of tariffs on over 66 percent of EU tariff lines.

"Although our export of ready-made garment is higher than the existing threshold of granting GSP Plus, the EU should consider giving us the GSP Plus facilities on the humanitarian ground including alleviating poverty, generating employment, and empowering women," said the commerce minister.

"EU is very important to Bangladesh as it has been helping us improve our socio-economic development since independence. About 58 percent of our export is made to EU countries, generating about $22billion foreign exchange in 2018-19. This enabled us to achieve the threshold requirement for LDC graduation," he said. 

Tipu also hoped that the EU would help Bangladesh find an appropriate mechanism to improve its business climate. 

The EU is Bangladesh's number one trading partner and the second-largest source of FDI to Bangladesh. 

It has been also decided at the meeting that Bangladesh government will work fast to implement the duty-free import of non-commercial goods, including samples and other small consignments, up to Tk2,000 and determine the customs value of imported goods based on the actual value, for all countries.

Commerce Minister Tipu Munshi chaired the dialogue while it was co-chaired by Secretary Commerce Dr Md Jafar Uddin and European Union (EU) Ambassador to Bangladesh Rensje Teerink.

The Bangladesh and EU delegations discussed 16 issues at the dialogue.

Eight EU Heads of Diplomatic Missions in Dhaka – Denmark, France, Germany, Italy, Netherlands, Spain, Sweden, and the UK also attended the dialogue. 

Government authorities including the Bangladesh Investment Development Authority, the National Board of Revenue (NBR) and Bangladesh Bank and representatives from the EU private sector participated in the dialogue. 

Tapan Kanti Ghosh, a secretary-level official of Commerce ministry, told the media after the meeting that the NBR issued Customs (De minimis) Rules 2019, on September 19, which allows duty-free import of non-commercial goods up to Tk2,000. But it only remained on paper. 

"From today all the local and foreign importers will enjoy the benefit. Following the request of the EU delegations, we have already asked the customs officials to follow the rules," Tapan said.

De minimis means either a value of the imported goods on which customs authorities do not collect duties and taxes or a total amount of duties and taxes on imported products the customs authorities offer the exemption.

The NBR in July 2018 raised the exemption value to Tk2,000 in the Customs Act 1969 from previous Tk1,000 following the stakeholders' request, including that of EU delegation to Bangladesh. But it did not become effective in the absence of relevant rules.

Bangladeshi exports to the EU amounted to about €18 billion in 2018, while the EU exports to Bangladesh were to the tune of €3.5 billion, according to the EU Embassy in Dhaka.   

"Bangladesh must be more serious to create a good business climate and remove all barriers," the EU Ambassador said.  

Different tariffs and para-tariff barriers, now, obstruct quality European products from entering into Bangladesh, she said, adding that the Bangladesh side was cordial to resolve the problem of EU investors.

Bangladesh has been enjoying the EU's EBA facilities but the EU investors are facing difficulties to do businesses here. To resolve the problem, Bangladesh and the EU took the initiative to arrange EU-Bangladesh Business Climate dialogue on May 22 in 2016.

Five working groups on customs, pharmaceuticals, tax, financial flows and investment were formed following the 2016 dialogue's recommendations.

The next plenary is scheduled for July 2020.

Top News

GSP / Trade / facilities / European

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Excess liquidity Tk2 lakh cr again but banks have little in hand
    Excess liquidity Tk2 lakh cr again but banks have little in hand
  • Photo: Collected
    Extract more local gas, explore solar power: Experts
  • Rising egg prices hit low-income people’s protein intake
    Rising egg prices hit low-income people’s protein intake

MOST VIEWED

  • Representational Image. Photo: Collected
    Air passengers should plan extra commute time to airport: DMP
  • Ambassador of Switzerland to Bangladesh Nathalie Chuard. Photo: Courtesy
    Bangladesh never asked for particular info from Swiss bank: Ambassador
  • Infographic: TBS
    Ctg night safari park: A thrill in the making
  • The number of intra-city buses in the capital decreased significantly since Saturday morning following the government's move to hike fuel prices. The photo shows an empty Farmgate, one of the busiest Dhaka intersections, on Saturday, 6 August, 2022. taken Photo: Rajib Dhar/TBS
    Public transport shortage grips commuters across Bangladesh after fuel price hike
  • Prime Minister Sheikh Hasina. Sketch: TBS
    PM offers Nepal use Mongla, Chattogram seaports
  • Photo: Bloomberg
    Bangladesh-Iraq trade grows four-fold

Related News

  • Bangladesh-Iraq trade grows four-fold
  • Uncertainty over trade with Russia starts to go 
  • UK brings in ownership register for property held by foreign companies
  • 2,500 tonnes of rice enter Bangladesh from India’s Karnataka by train
  • British businesses turning away from China, industry group says

Features

Toes and talons of Shikra. Photo; Enam Ul Haque

Shikra: A leopard with wings!

18h | Panorama
Photo: Noor-A-Alam

Around the world in 10 days: A chance to taste global cuisines

17h | Food
Lobbyists float ludicrous arguments to prevent tobacco control act amendment

Lobbyists float ludicrous arguments to prevent tobacco control act amendment

19h | Panorama
Will US-China tensions boil over?

Will US-China tensions boil over?

17h | Panorama

More Videos from TBS

Eggs are selling at record prices

Eggs are selling at record prices

8h | Videos
Dollar price increase affecting Karnaphuli tunnel construction

Dollar price increase affecting Karnaphuli tunnel construction

8h | Videos
Climate crisis a blessing in disguise to them

Climate crisis a blessing in disguise to them

9h | Videos
Growing rice crisis shows how important food self-sufficiency is for Bangladesh

Growing rice crisis shows how important food self-sufficiency is for Bangladesh

10h | Videos

Most Read

1
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

2
Photo: Collected
Transport

Will Tokyo’s traffic model solve Dhaka’s gridlocks?

3
Representational Image. Photo: Collected
Bangladesh

Air passengers should plan extra commute time to airport: DMP

4
Arrest warrant against Habib Group chairman, 4 others 
Crime

Arrest warrant against Habib Group chairman, 4 others 

5
File Photo: State Minister for Power, Energy and Mineral Resources Nasrul Hamid
Energy

All factories to remain closed once a week under rationing system

6
Ambassador of Switzerland to Bangladesh Nathalie Chuard. Photo: Courtesy
Bangladesh

Bangladesh never asked for particular info from Swiss bank: Ambassador

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]