Bangladesh needs to take preparation for grabbing a bigger portion of the European Union’s (EU) export market as China may lose 8%-10% of its share within the next few years due to global geopolitical changes, according to MA Razzaque, research director of the Policy Research Institute.
Moreover, non-garment sectors should also be more compliant by improving human rights, labour rights, and protecting the environment to grab more of the EU market under the new Generalized System of Preferences (GSP) regime, which will come into force from 2024 and continue until 2034, he said.
The expert revealed it while speaking at a virtual discussion, titled ‘Towards a Transformed and Revitalized Trade and Economic Partnership with the EU’, jointly organized by Friedrich Ebert Stiftung and the Research and Policy Integration for Development.
Bangladesh has already been enjoying the benefits of global geopolitical changes as the country is receiving more work orders, particularly in the garment sector, senior commerce secretary Tapan Kanti Ghosh told the media.
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