Dhaka:France and Germany have expressed their readiness to support Bangladesh in diversifying its economy and preparing for the next phase of its development. This commitment was made in a statement issued on Thursday, marking the 25th anniversary of the European Union's Everything But Arms (EBA) initiative.
According to United News of Bangladesh, the French Embassy in Dhaka highlighted the EBA's significant role in transforming Bangladesh's economy and strengthening its position in global trade. The duty-free and quota-free access to the European Union (EU) market under the EBA scheme has been instrumental in Bangladesh becoming one of the world's leading ready-made garment exporters, supporting millions of livelihoods and creating economic opportunities for women.
The statement emphasized that France and Germany, as major European partners, have played a crucial role in Bangladesh's economic journey. Both countries continue to be key European export markets for Bangladesh and contribute to its economic transformation through bilateral trade, investment, development cooperation, and private-sector engagement.
As Bangladesh prepares for its next chapter of development, the postponement of the Least Developed Country (LDC) graduation to November 24, 2029, will allow the country to benefit from the EBA scheme until 2032, including a three-year transition period granted by the EU. The French Embassy noted that while this presents an opportunity, preserving market competitiveness beyond the EBA will require continued and accelerated reforms.