EU pushes for amendment to labour law with transparency

FE REPORT
EU Ambassador to Bangladesh Charles Whiteley on Wednesday called for an amendment to the country's labour law with transparency and in consultation with tripartite stakeholders, as this is one of the conditions for getting market access under the GSP Plus regime.
Aligning labour laws with international standard is an essential element that EU parliament and commission will look out while considering applications for market access under the GSP plus, he said.
The Ambassador and the Head of EU Delegation said this while addressing a seminar on 'Unlocking Trade and Investment for European Companies in Bangladesh' in the city.
He said the EU is closely monitoring the amendments to Bangladesh Labour Act and hopes that implementation of the 32 Conventions will be required for the transition towards GSP Plus.
Bangladesh is moving towards GSP plus status and transitions will start fully in 2029 after a grace period of six years, he added.
He also said if Bangladesh does not fulfil the BLA revision according to the action plan, this would be a major setback for the implementation process.
"Having said that, I look forward to the panel on GSP+ and know the perspectives from a mixed group of industrial sectors."
Referring to the trade relations which is now multi-dimensional, Whitley said EU and Bangladesh Climate Dialogue would help ease the transition.
The seminar, jointly organised by Dhaka Chamber of Commerce & Industry (DCCI) and the European Union Delegation to Bangladesh, was attended by Commerce Minister Tipu Munshi as the chief guest while Executive Chairman of Bangladesh Investment Development Authority (BIDA) Lokman Hossain Miah was present as special guest.
DCCI President Mohammad Sameer Sattar moderated the seminar. Country Representative of Airbus Morad Bourouffala, and Managing Director of Zalo Knitting Ltd Nuria Lopez shared views on 'Challenges to EU investment in Bangladesh companies' perspective'.
Regional Country Director of H&M Ziaur Rahman, Vice President of Bangladesh Bicycle and Parts Manufacturers and Exporters Association Mohammad Mustaque Ahmed Tanvir, Managing Director of Apex Footwear Limited Syed Nasim Manzur, and President of BASIS Russell T Ahmed spoke on 'Bangladesh's Road to GSP+.
The EU Ambassador recognised Bangladesh as a rising economy with great stories of success and said the country's graduation to middle-income country and developing country status has created new opportunities and scope for reintegration and reevaluation of EU-Bangladesh ties.
"Time is right for partnership to all beyond current friends and explore new areas of cooperation," he said pointing towards aviation, renewable energy, agriculture, pharmaceuticals.
The EU Head of Delegation also referred to trade imbalances and weak level of foreign direct investment (FDI) in Bangladesh and said EU investment in Bangladesh is only 10 per cent of the total FDI retained which is quite low in comparison to the EU investment in other developing countries like Vietnam.
Commerce Minister Tipu Munshi called upon the EU to reassess the investment opportunities for EU companies in Bangladesh and said the government is sincere to resolve whatever investment problems are identified by the investors.
"Let the investors know Bangladesh is a good place for investment. They would not be deprived as a better environment is going to be created ahead," he told the gatherings.