GSP+ in EU market next big factor for Bangladesh’s economic growth: Envoy | The Business Standard
Skip to main content
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
June 18, 2025

Sign In
Subscribe
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JUNE 18, 2025
GSP+ in EU market next big factor for Bangladesh’s economic growth: Envoy

Economy

TBS Report 
27 September, 2022, 08:55 pm
Last modified: 27 September, 2022, 09:13 pm

Related News

  • EU reaffirms commitment to safeguarding environment
  • Election date entirely Bangladesh's decision; which parties will join polls also their own decision: EU envoy
  • EU to set out plans to halt Russian gas imports by end-2027
  • EU envoy visits BRAC University to explore scope of educational partnerships
  • EU backs democratic oversight in Bangladesh's financial governance

GSP+ in EU market next big factor for Bangladesh’s economic growth: Envoy

TBS Report 
27 September, 2022, 08:55 pm
Last modified: 27 September, 2022, 09:13 pm
European Union Ambassador to Bangladesh Charles Whiteley. File Photo: Courtesy
European Union Ambassador to Bangladesh Charles Whiteley. File Photo: Courtesy

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.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

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."

There are some quite stringent requirements to 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.

Implementing this National action plan on labour reform would help to keep Bangladesh ahead in the race in meeting the emerging sustainability requirements in the EU market, including the new Due Diligence Directive, which will legally require EU companies to clean their supply chains from labour and environmental violation, said the EU envoy.

"We continue to engage with the Government of Bangladesh and support actions and tools to navigate these challenges," he said.

The EU envoy hoped to open a European Chamber of Commerce in Bangladesh very soon and such a body, which already exists in Vietnam, India and Singapore, has been missing in Bangladesh.

Once it is operational, the envoy said, it will be another locus for advising and supporting European and Bangladeshi businesses to prepare for GSP Plus and the legislative changes in the pipeline. "It would be a useful addition to boost EU-Bangladesh commercial relations."

In Fiscal year 2021, EU was the largest source of net FDI flows to Bangladesh, according to the Bangladesh Bank.

A recent analysis by a local think-tank is showing that the net FDI flow from EU countries reached $3.5 billion over the past 5 years, which represents around a quarter of all FDI flows in this period.

"EU FDI in Bangladesh looks promising, but compared with $6 billion EU investment in Vietnam during the same period, it is far from being ideal for a country that needs massive FDI inflow to avoid a middle income trap and continue economic upgrading," said the EU envoy.

There are both direct and indirect barriers that limit the potential of EU investment in Bangladesh, he said.

"Barriers to foreign investment are intrinsically the barriers to Bangladesh's economic development," said the EU envoy.

Bangladesh / Top News

Charles Whiteley / European Union

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Logo of Beximco Group. Photo: Collected
    Beximco defaults €33m in Germany, Deshbandhu owes Czech bank €4m
  • The India-Bangladesh integrated checkpost in Fulbari. Photo: Passang Yolmo via Telegraph India
    Import of boulders from Bhutan to Bangladesh stopped by Indian transporters in Fulbari
  • Scenes of destruction in Iran following reciprocal airstrikes. Photos: Reuters
    Israeli air power reigns over Iran, but needs US for deeper impact

MOST VIEWED

  • Representational image/Collected
    Govt to ease loan rules to help foreign firms expand in Bangladesh
  • A view of Iranian missiles across the sky as seen by Biman pilot Enam Talukder. Photo: Enam Talukder
    Biman pilot witnessed Iran's missiles flying towards Israel
  • Infographics: Duniya Jahan/TBS
    How Israel's secret nuclear arsenal comes under spotlight amid attacks on Iran
  • Infograph:TBS
    Overseas employment back in flow as Saudi recruitment picks up in May
  • Google Pay. Photo: Collected
    Google Pay coming to Bangladesh next week
  • European Council President Antonio Costa, Japan's Prime Minister Shigeru Ishiba, Italian Prime Minister Giorgia Meloni, French President Emmanuel Macron, Canada's Prime Minister Mark Carney, US President Donald Trump, British Prime Minister Keir Starmer, German Chancellor Friedrich Merz and European Commission President Ursula von der Leyen pose for a family photo during the G7 Summit, in Kananaskis, Alberta, Canada, June 16, 2025. Photo: REUTERS/Suzanne Plunkett/Pool
    G7 expresses support for Israel, calls Iran source of instability

Related News

  • EU reaffirms commitment to safeguarding environment
  • Election date entirely Bangladesh's decision; which parties will join polls also their own decision: EU envoy
  • EU to set out plans to halt Russian gas imports by end-2027
  • EU envoy visits BRAC University to explore scope of educational partnerships
  • EU backs democratic oversight in Bangladesh's financial governance

Features

The Kallyanpur Canal is burdened with more than 600,000 kilograms of waste every month. Photo: Courtesy

Kallyanpur canal project shows how to combat plastic pollution in Dhaka

15h | Panorama
The GLS600 overall has a curvaceous nature, with seamless blends across every panel. PHOTO: Arfin Kazi

Mercedes Maybach GLS600: Definitive Luxury

1d | Wheels
Renowned authors Imdadul Haque Milon, Mohit Kamal, and poet–children’s writer Rashed Rouf seen at Current Book Centre, alongside the store's proprietor, Shahin. Photo: Collected

From ‘Screen and Culture’ to ‘Current Book House’: Chattogram’s oldest surviving bookstore

2d | Panorama
Photos: Collected

Kurtis that make a great office wear

4d | Mode

More Videos from TBS

Khamenei declares war on Israel

Khamenei declares war on Israel

22m | TBS News Updates
What's behind the animosity between former allies Iran and Israel?

What's behind the animosity between former allies Iran and Israel?

11h | Others
21 Muslim countries condemn Israeli attack on Iran

21 Muslim countries condemn Israeli attack on Iran

11h | TBS World
News of The Day, 17 JUNE 2025

News of The Day, 17 JUNE 2025

14h | TBS News of the day
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net