Home Economy UK Continuing Duty-free Market Access To Bangladesh After LDC Graduation

UK Continuing Duty-free Market Access To Bangladesh After LDC Graduation

UK Continuing Duty-free Market Access To Bangladesh After LDC Graduation
Photo Courtesy: Financial Express

The UK will restart to provide Bangladesh with duty-free access to its market after the country graduates from the LDC section. British High Commissioner to Bangladesh Robert Chatterton Dickson stated this while responding to a query from the Acting President of BGMEA Shahidullah Azim about the duty-free market access for Bangladesh after the LDC graduation. The article is about UK Continuing Duty-free Market Access To Bangladesh After LDC Graduation.

The British government has declared a new scheme called “Developing Countries Trading Scheme” in place of the existing GSP. As per the new scheme, 98% of Bangladesh’s products will be eligible for the duty benefit after LDC graduation. The British High Commissioner talked on different issues and answered several questions from stakeholders, including political leaders, business leaders, economists, academia, and journalists, at an event titled “Meet the Ambassador” arranged by the Centre for Governance Studies (CGS) in cooperation with Friedrich-Ebert-Stiftung Bangladesh in Dhaka on 22 August.

Mr. Shahidullah Azim claimed the UK is the 3rd largest export destination for Bangladesh’s RMG, with exports of $4.49 billion in the last fiscal year 2021-2022, and the bilateral economic relationship between the two countries has been increasing significantly over the past decades. “As we are arranging for the next growth process of our industry, we have fixed priorities to increase our business capabilities, particularly in the diversification of products, investment in high-end textile sectors through innovation, value-addition, and upgrading technologies,” he further said.

He showed gatitude to the British government for the new scheme, saying it would support Bangladesh in enhancing trade significantly. He hoped that the British government’s friendly support for Bangladesh’s development would continue in the coming years. Dr. Manjur A Chowdhury, Chairman, Zillur Rahman, Executive Director of the Centre for Governance Studies, and Shadhan Kumar Das, Program Co-coordinator of Friedrich-Ebert-Stiftung Bangladesh, among others, were present at the program.

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