EU wants deepening economic ties

FE Report | Published: February 05, 2015 00:00:00 | Updated: November 30, 2026 06:01:00

Bangladesh still needs to develop 'matured' economic relations with the European Union, despite enjoying a duty-free and quota-free access to a single market of 28 countries, the regional grouping said.
Top diplomats of the missions of the EU member states in Dhaka during the first meeting of the newly established European Union Business Council Bangladesh made the remarks Wednesday in the city.
"The EU as a single market of 28 countries where the Bangladeshi products enjoy a duty-free and quota-free access under the GSP/EBA regime is the world largest trading partner of Bangladesh. However this trading status has yet to develop into a global and matured economic relation," said the EU said in a release.
The EU is one of the biggest trading partners, accounting for nearly 58 per cent of Bangladesh's clothing exports.
The meeting also discussed the difficulties faced by the EU-based businesses to develop their activities in Bangladesh, in terms of trade or investments.
The outcomes of the meeting will be shared with the representatives of Bangladesh government on 27 February when the "Trade Sub-Group" of the EU-Bangladesh Joint Commission will meet in Dhaka.
The release said the main mission of the EUBCB is to identify the obstacles to trade and investment between the EU and Bangladesh and then support the EU in its discussions with the Government of Bangladesh and other stakeholders on the ways and means to strengthen the economic relations. The EUBCB will therefore complement the bilateral activities of the EU Member States and their Chambers of Commerce which are also engaging in trade promotion.
The meeting was chaired by the EU Ambassador to Bangladesh, Pierre Mayaudon, with participation from all eight ambassadors of the EU member states based in Dhaka or their Chargés d'Affaires and Trade Counsellors, as well as representatives from the bilateral Chambers of Commerce.
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