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Bangladesh commerce ministry sent a letter to the EU calling for a further 10 years GSP facility

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eu-bdFor 10 to 12 years after graduation from a least developed country (LDC) to a developing country in 2024, Bangladesh has recently requested export duty exemptions on its goods from the United Nations. The cause of the pandemic in the COVID-19 area was the economy, exports, supply chains, and jobs in the country.

A gross national income, an index of people’s assets, and an economic insecurity Index are the three prerequisites laid down by the UN Committee for Development Policy (UNCDP). Next year the UNCDP will again determine the criteria for the country’s graduation. The European Union (EU) has already declared that after three more years as a grace period for planning it would resume the zero-duty gain in Bangladesh. But last month the Bangladesh commerce ministry sent a letter to the EU calling for a further 10 years after the graduation, for the continuation of the GSP under the Everything but Arms (EBA) initiative.

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