EU wants CPCA with Bangladesh: European Commission prez

"We remain open to discussing specific needs with sectoral partners and considering additional support that aligns with ongoing initiatives," her letter this month to Bangladesh’s chief adviser Muhammad Yunus said.

There is substantial potential under the Global Gateway initiative for EU investments in secure and reliable networks and connectivity, including railways, water resources, climate adaptation, health, digital services and energy, media outlets in Bangladesh reported citing the letter.

"In parallel, we are working with your administration to bolster the capacity of key institutions. We intend to maximise the impact of this work by integrating targeted technical assistance to support policy development and effective governance in these sectors, sharing EU experience where relevant," she added.

The EC expressed its interest nearly two and a half months after Bangladesh and the EU completed a two-day introductory meeting on the CPCA in the first week of November last year.

The EU is the largest trading bloc for Bangladesh, accounting for close to three-fifths of its total exports each year, with zero-duty benefits under the EU's Generalised Scheme of Preferences (GSP) for Everything But Arms (EBA). It accounts for more than 64 per cent of Bangladesh's total apparel exports every year.

This GSP benefit is expected to be phased out three years after Bangladesh graduates from the group of least developed countries, which is scheduled for late 2026.

Bangladesh exports more than $25 billion worth of goods to the EU every year, with the share of garments being nearly $22 billion.

ALCHEMPro News Desk (DS)