Bangladesh's export potential to the European Union has not been fully tapped though the country gets very good market access, Ambassador William Hanna, Head of the EU Delegation in Dhaka, has said. Inaugurating a two-day workshop on 'Researching and Analysing Export Market', Ambassador Hanna said the EU is the largest trade partner of Bangladesh, accounting for over 50 percent of its exports. However, readymade garments (RMG) have the largest share in Bangladeshi exports to the EU countries, and the export of other items from Bangladesh has not been adequate. The workshop is organized by Promotion of Social and Environmental Standards in the Industry, a project of Germany's development arm GIZ, in collaboration with International Trade Centre (ITC) and the Bangladesh German Chamber of Commerce and Industries (BGCCI), and supported by the European Union. Ambassador Hanna said the EU had provided the best possible market access to Bangladesh for several years through GSP and quota-free access. He said the relaxation of GSP rules in 2011 led to a sharp jump in Bangladeshi exports to the EU.
In 2012, Bangladesh's total exports to the EU were valued at over € 9billion, showing a 40 percent rise over the value of goods exported in 2010. Even this year, Bangladesh's exports to the EU have been increasing despite the troubles faced by economies in Europe, the ambassador said. Mr. Hanna said EU would continue to support Bangladesh in enhancing its trade capacity, but stressed on the necessity of creating safe working conditions as both the importers and consumers in the EU have started inquiring about the sourcing of products they buy. Earlier this month, Mr. Hanna said the EU is considering a long-term plan for the Bangladesh garment industry. He expressed optimism that the revised labour law would play a significant role in ensuring the welfare of workers and bringing discipline in the country's garment sector.
