Minister hopes EU will continue trade benefit for 12yrs after LDC graduation

Commerce Minister Tipu Munshi is hopeful that the European Union (EU) will continue the trade benefit for Bangladesh for 12 years after the graduation of the south Asian nation from the least developed country (LDC) category in 2026.

Bangladesh has been negotiating with the EU, the largest export destination for the country, for obtaining the duty-benefit for 12 years after the country's LDC graduation.

Munshi expressed his hope in a meeting with Rensje Teerink, the outgoing ambassador of the EU in Bangladesh, at the government residence of the minister in Dhaka.

Apart from Bangladesh, the group of LDCs has also been continuing efforts to continue the duty benefit to the EU for 12 years after their respective graduation to a developing country.

The other LDCs have also assured that they will cooperate with the EU so that Bangladesh gets the duty benefit, the minister said in a statement of the ministry today.

The minister also said the EU's assistance is needed for enhancing the trade negotiation capacity of the country after the economic graduation, so that Bangladesh can be more competitive in the international markets and global supply chain.

"The efforts of increasing trade with the EU will continue from the Bangladesh side."

Teerink assured that the EU will continue its support to Bangladesh for trade.