In a recent workshop, experts emphasized the importance of the Bangladesh government holding “technical negotiations” with the European Union (EU) regarding upcoming Generalized System of Preferences (GSP) regulations. They warned that if the new GSP regulations are implemented in the EU market from next year, Bangladesh’s ready-made garment (RMG) sector will lose its tariff facility. Concerns were raised about the challenges the apparel market would face, especially with Vietnam set to receive full tariff facility in the EU market after 2027. The experts recommended engaging with the EU for flexible preference terms and seeking extensions of preferences from countries like Canada, India, Japan, and China. Bangladesh’s significant clothing exports to the EU and UK markets were highlighted, stressing the need to secure favorable terms despite the country’s graduation from the least developed country status in 2026.
BD Urged to Address New EU GSP Regulations in Technical Negotiations
- Published On May 20, 2023
- 12:24 pm
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Economic Tag: Trade
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