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EU urges Dhaka to facilitate more imports from Europe

13
Dec '19

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The heads of mission of various European Union (EU) nations in Dhaka feel there is an urgent need for the Bangladesh government to facilitate more EU imports to the country by creating a positive investment climate by improving customs procedures. Various tariffs and para-tariff barriers now hinder quality European products from entering Bangladesh.

This was conveyed at the 6th plenary of the EU-Bangladesh Business Climate Dialogue in Dhaka recently.

The heads of missions suggested that while there is no shortage of law or policies in the country to regulate trade and investment, their effective enforcement is a problem.

Issues raised by the envoys included proper implementation of bilateral double taxation avoidance agreements, removing investment cap in the services sector, upgrading the delivery of services at Chittagong port and Dhaka airport, and improving in Bangladesh’s judicial system to ensure immediate and effective enforcement of contracts according to Bangla media reports.

The EU-Bangladesh Business Climate Dialogue was initiated in May 2016 with the aim to jointly remove impediments that obstruct EU trade and investment in Bangladesh. The EU is Bangladesh’s number one trading partner and the second largest source of foreign direct investment to Bangladesh.

Bangladeshi exports to the EU amounted to about €18 billion in 2018, while the EU exports to Bangladesh were to the tune of €3.5 billion.

Fibre2Fashion News Desk (DS)

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