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BGMEA urges EU to continue GSP facilities after LDC graduation

BGMEA urges EU to continue GSP facilities after LDC graduation

Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged the European Union (EU) to continue GSP facilities for 10 to 12 years more after the country's graduation to a developing nation in 2026.

A delegation of the BGMEA made the call while meeting with Parliamentary State Secretary (Deputy Minister) to the Federal Minister for Economic Cooperation and Development in Berlin Dr B'rbel Kofler on Thursday, said a press release on Sunday (Jun 5).

Ambassador of Bangladesh to Germany Md Mosharraf Hossain Bhuiyan was also present at the meeting.

BGMEA President Faruque Hassan led the team while the other members were Vice President Miran Ali, Directors Barrister Vidiya Amrit Khan, Md Imranur Rahman, Neela Hosna Ara and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud.

At the meeting, Commercial Counsellor of Bangladesh Embassy in Berlin Md Saiful Islam was present.

They discussed possible ways of expanding Bangladesh's trade with Germany and further deepening the relationship between the two countries. The delegation underscored the need for more cooperation and collaboration between Germany and Bangladesh to unlock trade and investment potentials.

In his speech, BGMEA President informed that Bangladesh will graduate from LDC to a developing nation in 2026 and after that, the country will get Generalized System of Preference (GSP) facilities for three years. He requested EU to continue the facilities for more 10-12 years.

The BGMEA president gave an overview of Bangladesh's RMG industry including the current situation, opportunities, challenges and future priorities.

The RMG industry of Bangladesh is increasingly focusing on enhancing its capabilities particularly through technology upgradation, innovation and skills development, he said.

He said the industry is also laying more emphasis on apparel made from synthetic fibers to meet the rising demand in the global market.

The BGMEA President said Bangladesh aims to increase the share of its apparel export to Germany and accordingly seeks Dr B'rbel Kofler's cooperation in this connection.

Terming Germany as an invaluable development partner, he said there is potential of more cooperation to expand further in the coming years.

During the visit, the BGMEA team also met Director General of the German Federal Ministry of Economy Affairs and Climate Action (BMWK) Dominik Zusammenarbeit (GIZ).

They also took part in a roundtable of Asia Pacific Business Association of the Hamburg, Germany.