Published:
May 21, 2022 5:40:50 p.m.
Bangladesh reiterated the need to ensure fair prices for its products on the European market, especially given the investments made in “safer and greener” factories.
Bangladesh and the European Union (EU) held the 10th Joint Commission in Brussels on Friday and discussed a wide range of issues of common concern, including trade and investment, in a very constructive and open atmosphere.
In view of Bangladesh’s graduation from the list of Least Developed Countries (LDCs), Bangladesh and the EU agreed on the importance of creating a predictable and sustainable business climate that will facilitate trade and investment, remove barriers to market access and promote sustainable diversification of its economy.
To this end, both parties remain committed to continuing and further strengthening the business climate dialogue, UNB reports.
The EU congratulated Bangladesh on its continued success as the main beneficiary of the EU’s unilateral Everything But Arms (EBA) preferential trade agreement.
It was recalled that EBA preferences are conditional on respect for human rights, including labor rights, as evidenced by the international conventions listed in the GSP Regulation.
Apparel exports to the European Union and the United Kingdom, Bangladesh’s top export destination, grew 23.83% year-on-year to $12 billion in the first half of the current fiscal year .
According to the EU, sustained reforms of labor rights standards by the Government of Bangladesh and their full compliance with International Labor Organization (ILO) conventions are crucial in this regard.
The EU welcomed the finalization and publication of Bangladesh’s national action plan on the labor sector and underlined the need for its full implementation according to the stipulated deadlines, regular periodic updates on its implementation and to try to bring forward the deadlines for revising the labor legislation. law applicable in export processing zones.
The EU and Bangladesh discussed governance, democracy, rule of law and human rights, the Rohingya crisis, economic and trade cooperation, migration, climate change, education, development cooperation and regional cooperation.
The first EU-Bangladesh political dialogue will be held in Dhaka in June this year.
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