Ambassador of the European Union (EU) to Bangladesh Charles Whiteley on Wednesday said aligning labour law with international standards will be an “essential element” for the European Parliament and the Commission in considering Bangladesh’s application for market access, the GSP+. “Bangladesh has the option to accede to GSP+ which is the next most generous GSP programme after the Everything but Arms (EBA),” he said while speaking at a seminar in Dhaka. Commerce Minister Tipu Munshi attended the seminar as the chief guest while President of Dhaka Chamber of Commerce and Industry (DCCI) Md Sameer Sattar delivered welcome remarks. Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Lokman Hossain Miah, among others, spoke at the seminar. The DCCI and European Union Delegation to Bangladesh jointly hosted the seminar, titled “Unlocking Trade and Investment for European Companies in Bangladesh.” Read: EU urged to extend transition period of GSP up to 6 years for smooth graduation of Bangladesh The EU ambassador said the implementation of the National Action Plan on the labour sector, which Bangladesh agreed with the EU, will be key deciding factor for GSP+. “We are closely following the ongoing amendments of the Bangladesh Labour Act. We hope that the amendments will be effective with full transparency, in consultation with tripartite stakeholders, and with technical assistance from ILO,” he said. The envoy said Bangladesh is a rising economy with a great story of economic development and social progress. The graduation to a lower middle-income and to a developing country status are historic milestones which bring new opportunities and which call for a reinvigoration of EU-Bangladesh ties, he said.

Ambassador and Head of Delegation of the European Union (EU) to Bangladesh Charles Whiteley on Tuesday said preparing for quick access to GSP Plus in the EU market is the next big factor for Bangladesh’s future economic development. The graduation from LDC status in 2026 would also mean graduation from the current Everything but Arms (EBA) unilateral trade preference given to Bangladesh by the EU, which is Bangladesh’s largest export destination. “The graduation would imply a substantial trade loss and serious shock to the country’s GDP, which could be mitigated through inclusion in the GSP+ arrangement,” said the EU envoy while speaking at a programme hosted by International Business Forum of Bangladesh (IBFB) at a city hotel. Read:Special economic zone not enough to attract best investors: US Envoy US Ambassador to Bangladesh Peter Haas, founding President of IBFB Mahmudul Islam Chowdhury, Chairman of Policy Research Institute of Bnagladesh Dr Zaidi Sattar, IBFB President Humayun Rashid and its Vice President MS Siddiqui also spoke. Attracting foreign direct investment and technological know-hows would be key to reduce dependency on single basket RMG exports and move towards industrial diversification, said ambassador Whiteley. For this to happen, he said, a level playing field for both local and foreign sectors is necessary. “Addressing the woes of existing foreign investors is also important. We continue to engage with the government authorities in this area in our bilateral business dialogue.” Read BGMEA seeks 10-yr extension of GSP in Swiss market There are some quite stringent requirements for GSP Plus accession and the great thing is Bangladesh has already ratified the 32 conventions that are now required for GSP Plus membership, said ambassador Whiteley. “Now the next stage is implementation. This in particular refers to implementing the National Action Plan for the Labour Sector, which the Government has agreed with the EU,” he said.

Bangladesh Garment Manufacturers and Exporters Association has requested Switzerland to consider an extension of the EBA (Everything but Arms) scheme under its GSP programme for 10 years to help Bangladesh's smoother transition to a developing economy. Ambassador of Switzerland to Bangladesh Nathalie Chuard, accompanied by Thomas Baumgartner, Head of Political, Economic, and Cultural Affairs met the President of BGMEA  Faruque Hassan at the latter’s office in the city on Tuesday and discussed the trade issues. Read BGMEA wants continuation of 0.5 per cent source tax BGMEA's first Vice President Syed Nazrul Islam, and Vice President Md. Shahidullah Azim attended the meeting. The discussions covered issues pertinent to the readymade garment industry in Bangladesh and its progress in the area of social and environmental sustainability. Also read: BGMEA chief underlines importance of enhanced productivity