Bangladesh seeks French support in obtaining GSP+ trade privilege

Foreign Secretary Masud Bin Momen said has sought French support in obtaining GSP+ trade privilege following LDC graduation in 2026 and the expiry of a three-year additional transition period.

He was speaking as the special guest at the celebration of the 50th anniversary of the France-Bangladesh diplomatic relations organized by France Bangladesh Chamber of Commerce and Industry (CCIFB) at a city hotel recently.

Bangladesh is set to leave the least developed countries (LDC) group to join the developing-country-club by 2026 and is likely to experience challenges unless trade-related international support measures are continued by the developed countries like the EU, USA, Canada, Australia and Japan.

“There is a pressing need to further diversify our trade basket, especially our exports, through inclusion of non-traditional items. In the near term, we may have to brace for facing the exogenous shocks from the armed conflicts in Ukraine through cooperation with our development partners including France,” said Masud Bin Momen.

“We must also give added attention to trade facilitation measures. We should think of establishing direct air and port connectivity between two countries as a matter of priority," Momen also said.

The recent introduction of direct shipping between Chattogram Port and Ravenna port in Italy must be sustained, with addition of other European ports, he added.

“On our part, Bangladesh welcomes France’s enhanced engagement and cooperation in the Indo-Pacific region, in pursuit of inclusive and shared peace and prosperity for all”

Bangladesh is also interested in increasing air cargo operations with Europe, with active French support, he added.

“We should also upgrade our existing agreements on avoidance of double taxation with France and other countries, and actively consider a stand-alone, new generation bilateral investment promotion and protection agreement with the EU. We need the support of our leading chambers of commerce and industry to take forward these initiatives," Masud Bin Momen said.

The foreign secretary also said: “We would also remain open to supporting triangular cooperation with France to promote enhanced trade and investment with Francophone African countries where Bangladesh has made its footprints through the contribution of our peacekeepers and peace-builders”

Foreign Minister Dr AK Abdul Momen recently attended a Ministerial Forum on Cooperation in the Indo-Pacific in Paris, jointly convened France and the EU, expressed Bangladesh’s interest in having enhanced connectivity and digital cooperation with Europe.

Deputy Head of French Mission in Bangladesh Guillaume Audren de Kerdrel in his speech said that French imports of Bangladeshi products recorded a 26% growth year-to-year and set a historical record by reaching over 3 billion euros. 

However, French exports to Bangladesh decreased for the second consecutive year by 20% and recorded below under 200 million euros.

“The common vision of  a French -Bangladesh partnership took hard work, patience and significant resources to accomplish. As a result of our fifty years of cooperation, we are proud to have earned the confidence and friendship of the people of Bangladesh," Kerdrel also said.

“From the economic point of view, Bangladesh has a huge potential but I am sure that more and more countries and investors will be willing to invest in Bangladesh. Moreover, Bangladesh is recovering very fast from the pandemic and has outstanding growth figures and this will allow the very soon return of full economic activity,’ the French CDA said.

Foreign Minister DR AK Abdul Momen in his speech as the chief guest said that France has remained a trusted development and trade partner  over the last five decades. 

With the signing of the development cooperation agreement in the last week of November 2021, France total development outlay for Bangladesh crossed the billion-euro-mark.

“France is our fifth single largest export destination as a country, with much scope for further growth. Prime Minister Sheikh Hasina has given a challenge to double our bilateral trade volume by 2025. As noted by others, CCIFB would have a critical role to play in this endeavor,” Momen added.

President of CCIFB Syed MahmudulHuq gave the welcome speech while its vice-president Moshiur Rahman gave a vote of thanks.