BD to enjoy existing trade preference in EU till 2027

FT ONLINE 

There is nothing to be worried about preferential treatment of Bangladesh in the European Union even after the country's graduation from LDC (least developed country) status in 2024, a German diplomat said in Dhaka recently.

"The EU has offered to extend preferential Markey access for an additional three years from the graduation, meaning Bangladesh will enjoy the special treatment in EU market until 2027," he said.

"There will be ample opportunity for Bangladesh and EU to sit together and find a way for the transition," Deputy Ambassador of German Embassy in Dhaka Burkhard Ducoffere said.

He was speaking at a business networking event on "Ease of Doing Business and Its Long-term Investment Potentials".

Bangladesh German Chamber of Commerce and Industry (BGCCI) organised the event in a city hotel as part of a celebration of Mujib Borsho.

Mr Burkhard said the business environment in Bangladesh is improving which contributes economic growth of the country.

He said Germany will continue its development cooperation with Bangladesh even after 2024.

Speaking as the chief guest, planning minister Abdul Mannan said Bangladesh needs a lot of reforms in infrastructure to improve in the ease of doing business index.

If doing business is difficult in the country, its development also will be difficult, he said.

"Let's do reform everywhere," he said, adding that the start should be from the infrastructure.

Bangladesh Investment and Development Authority (BIDA) Executive Chairman Md Sirazul Islam said they were working on providing all services an investor requires from the one stop service (OSS) centre.

BGCCI President Omar Sadat said ease of doing business has a long-term impact on the country's long-term development. "It is very important to improve in the index of ease of doing business," he added.