The apex trade body of Bangladesh's apparel industry has said there is no major barrier for the country to get GSP+ benefits in the European market whenever applicable as the country graduates from the club of least developed countries (LDCs).
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan came up with information during a press conference at a city hotel Saturday while noting that the precondition for the GSP+ on import threshold (7.4 %) has been removed from the proposed GSP regulations for 2024-2034.
The conference was arranged to share the outcome of his recent visit to the US and Canada.
The BGMEA chief thanked the EU for its favourable initiative to countries like Bangladesh.
Everything but Arms (EBA) is a special arrangement for the LDCs, providing them with duty-free, quota-free access to the EU market for all products except arms and ammunition.
Read: BGMEA discusses export, FDI opportunities with Bangladesh envoy
The BGMEA President said the European Union (EU) is Bangladesh's key export market with around 60 per cent of exports.
He said Bangladesh will enjoy the existing duty-free and quota-free market access in the European countries until 2029 following the country's graduation.
"The government and the BGMEA are working together to ensure the continuation of the EBA facilities for 12 years after 2029," he said.