BGMEA urges EU to consider transition period extension

BGMEA President Faruque Hassan has urged the European Union to consider an extension of the transition period of GSP (EBA) from 3 years now to 6 years for ensuring smoother graduation.

He made the call while speaking at a seminar on “50 Years of EU-Bangladesh Partnership:

Charting Ahead on A Legacy of Success” organized by Research and Policy Integration for Development (RAPID) in Dhaka on March 14, reports BSS.

Dr. Mashiur Rahman, Economic Affairs Adviser to the Prime Minister, attended the seminar as the chief guest while Charles Whiteley, Ambassador and Head of Delegation, Delegation of the European Union to Bangladesh was present as special guest.

Professor Dr. Imtiaz Ahmed, Professor Dr. Lailufar Yasmin, UNDP Country Economist Dr. Nazneen Ahmed also spoke at the seminar.

Dr Abdur Razzak, chairman of RAPID, presented the keynote addres.

In his speech, Faruque Hassan pointed out the challenges for Bangladesh after its graduation from the LDC category.

He stressed economic diplomacy and industry capacity development to face challenges.

“The government of Bangladesh has taken a number of steps required to mitigate the challenge, particularly through engaging diplomatically, as well as at the local industry level,” he said.

He also said, “In addition to building the capacity of the industries, the overall efficiency of the country's trade logistics infrastructure will be crucial, and the government is implementing a number of mega projects to fill in that gap.”