Even as the European Union, last month, proposed lifting a major condition, a 7.4 per cent import threshold, of the Generalised Scheme of Preferences Plus (GSP Plus) for 2024-34, Tipu Munshi has maintained Bangladesh will have to be cautious in fulfilling important conditions for obtaining the GSP Plus status of the EU.
According to reports, the Bangladesh Commerce Minister came up with the observation while addressing a virtual discussion on ‘Economic tie of Bangladesh & Europe: New Regulatory Regime’, organised by Dhaka Chamber of Commerce and Industry (DCCI) and the Ministry of Commerce, on the side-lines of an ongoing Bangladesh Trade & Investment Summit 2021 even as he maintained, “We have to remain cautious because there are new expectations from our European colleagues on labour, good governance and environment issues… the EU has proposed to add new international conventions and agreements to the GSP list – such as the Paris agreement on climate change, and some new ILO and UN conventions…,” while adding, “We have to work with other ministries to ensure we are fully compliant before the time comes when we apply for GSP Plus.”
It may be mentioned here the GSP Plus status — The EU’s GSP Plus gives developing countries a special incentive to pursue sustainable development and good governance even as eligible countries have to implement 27 international conventions on human rights, labour rights, the environment and good governance and, in return, the EU cuts its import duties to zero on more than two-thirds of the tariff lines of their exports — allows countries duty-free export to EU but to be eligible for the same, a country cannot account for over 7.4 per cent of the EU’s annual imports.
As of Bangladesh is concerned, it is already at 26 per cent, which could be a major obstacle towards obtaining the GSP Plus status, feel many.
Bharat Tex Special Report 2026 
