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EU reaffirms commitment to supporting Bangladesh after LDC graduation
Bangladesh highlighted how it has rightly utilized the EU's EBA trade facility, which has directly contributed to socioeconomic development and transformed the lives of millions
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BSS
Published: March 30, 2023 12:50 PM | Last updated: March 30, 2023 1:20 PM
The European Union (EU) has reiterated its commitment to supporting Bangladesh for a sustainable and smooth transition in its graduation from the least-developed country (LDC) status.
Expressing the view during meetings held in Brussels on Wednesday, the members of the European Parliament and senior officials of the European Commission commended Bangladesh on its development trajectory and reiterated the EU's commitment to supporting Bangladesh for a sustainable and smooth transition in its LDC graduation, reads a press release issued Thursday.
The meetings were held marking Bangladesh and the EU's 50 years of partnership where a five-member delegation from Bangladesh, led by M Tofazzel Hossain Miah, principal secretary to the prime minister, took part, among others.
The Bangladesh delegation held meetings with Heidi Hautala, vice president of the European Parliament and Rapporteur for the proposed GSP regulation, Bernd Lange, chair of the Committee on International Trade (INTA), and Maximilian Krah, Rapporteur for South Asia on INTA Monitoring Group.
Meetings were also arranged with Deputy Secretary General for Economic and Global Issues Helena Konig and Acting Managing Director for Asia-Pacific Paula Pampaloni, both from the European External Action Service (EEAS).
The Bangladesh delegation highlighted how the country has rightly utilized the EU's EBA (Everything but Arms) trade facility which has directly contributed to the impressive socioeconomic development and transformed the lives of millions.
Apart from diversification of trade, the country is now focusing on achieving greater sustainability through a circular economy, protecting the environment and biodiversity, and enhanced use of renewable energy and green technology, said the release.
With external shocks to the global economy, food and energy crisis and volatility in international financial markets, the Bangladesh side requested the EU's strong support in WTO negotiations for submission by the LDC Group for an extension of International Support Measures (ISM) for another six years after graduation.
Bangladesh also requested that the country's trade interests, particularly in the RMG sector be protected in the new GSP under consideration of the EU.
The need for fair pricing and responsible business conduct by the companies and brands was stressed in addition to requesting consideration of a mechanism under Corporate Sustainability Due Diligence to make relevant companies accountable in these areas.
The EU interlocutors applauded Bangladesh on the exemplary humanitarian role being played by the country in sheltering more than a million Rohingyas forcibly displaced from Myanmar for more than five years.
They also lauded the phenomenal role of the government in empowering women.
The principal secretary is on a three-day visit to Brussels with members from the government and private sector.
His delegation includes Tapan Kanti Ghosh, senior secretary, Ministry of Commerce, Faruque Hassan, president, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Nihad Kabir, presidentm, Business Initiative Leading Development (BUILD), and Farooq Ahmed, secretary general and CEO, Bangladesh Employers' Federation.
Bangladesh Ambassador to the EU Mahbub Hassan Saleh participated in the meetings along with concerned officials from the embassy.
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