The UK will continue to grant Bangladesh duty-free access to its duty-free market even after transitioning from the LDC category. On Monday (22 August), British High Commissioner to Bangladesh Robert Chatterton Dickson said this when acting President of BGMEA Shahidullah Azim asked about it.
He said that the British government has announced a new scheme called ‘Developing Countries Trading Scheme’ in place of the existing GSP system. Under the new scheme, 98% of Bangladesh’s products will be eligible for duty-free benefits after LDC graduation.
At the ‘Meet the Ambassador’ event organised by the Centre for Governance Studies (CGS) in Dhaka in collaboration with the Friedrich-Ebert-Stiftung Bangladesh, the British High Commissioner spoke on various topics and answered various questions from the participants, including political leaders, businessmen, economists, academics, and journalists.
Shahidullah Azim said that the UK is the 3rd largest export destination of Bangladesh. In the 2021-22 fiscal year, garments exports to the UK were worth USD 449 crores and the bilateral economic relationship has been growing significantly over the past few decades.
He added, ‘As the current industry prepares to move to the next phase, we have identified industry priorities to enhance our business capabilities. We have prioritised investment in product diversification, innovation, technology upgradation, and high-end textile sector in particular.’
Shahidullah Azim thanked the British government for the new scheme, saying it would help Bangladesh increase its trade significantly.
The Chairman of the Centre for Governance Studies, Dr. Manjur A Chowdhury, Executive Director Zillur Rahman, and Program Coordinator Sadhan Kumar Das of Friedrich-Ebert-Stiftung Bangladesh were present among others at the event.
