According to BSS, Bangladesh must create a long-term strategy and action plan, sign a trade agreement to retain access to the export market, and entice investment to help it deal with challenges that arise after graduation, such as the erosion of the duty benefit.
After 2029, the current zero percent duty on garments produced in Bangladesh will increase to about 11.6%.
Bangladesh has been the sole recipient of trade preferences for EU LDCs, as its shipments increased to US$23.2 billion in the most recent fiscal year from US$2.0 billion in 2000-01.
Due to the duty benefits, the nation is also benefiting the most from China’s market dominance in the EU market, while Vietnam benefits the most from China’s shift to the US market.
The recommendations and data were presented today at a seminar entitled “50 Years of EU-Bangladesh Partnership: Charting Ahead on a Legacy of Success,” which was hosted at a city hotel.
Research and Policy Integration for Development (RAPID) and Fredrich-Ebert-Stiftung (FES) Bangladesh arranged the seminar.
The seminar was attended by Mashiur Rahman, the advisor to the prime minister on economic matters, as well as Charles Whiteley, the ambassador of the EU to Bangladesh. It was moderated by M Abu Eusuf, a professor at Dhaka University and the executive head of RAPID.
Nazneen Ahmed, the country economist for UNDP Bangladesh, moderated a panel conversation during which Felix Kolbitz, a resident representative of FES Bangladesh, and other speakers also participated.
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