The United Kingdom will continue to provide Bangladesh with duty-free access to its market after the country’s graduation from the LDC category.
British High Commissioner to Bangladesh Robert Chatterton Dickson said 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 British government announced a new scheme named “Developing Countries Trading Scheme” in place of the existing GSP.
According to the new scheme, 98% of Bangladesh’s products will be eligible for the duty benefit after LDC graduation.
He was speaking at an event titled “Meet the Ambassador” organized by the Centre for Governance Studies (CGS) in cooperation with Friedrich-Ebert-Stiftung Bangladesh in Dhaka on Monday.
Shahidullah Azim said the UK is the third largest export destination for Bangladesh’s RMG with exports of $4.49 billion in the last fiscal year 2021-2022.
He said that the bilateral economic relationship between the two countries has also been growing significantly over the past decades.
“As we are preparing for the next growth phase of our industry, we have set priorities to enhance our business capabilities, particularly in the diversification of products, investment in high-end textile sectors through innovation, value-addition, and upgrading technologies,” Azim added.
He thanked the British government for the new scheme, saying it would support Bangladesh in enhancing trade significantly.
BGMEA leader hoped that the friendly support of the British government for the development of Bangladesh would continue in the coming years.