Muyabia Laboni: Bangladesh will get duty-free market access in the Canadian market till 2034. According to the bill passed by the Canadian Parliament in June last year, Bangladesh is going to get this benefit.
Canada has extended duty-free market privileges to all developing countries after Qatar transitioned from an LDC in 2026. This will benefit Bangladesh.
BGMEA President Farooq Hasan told the media that this decision will contribute to the overall infrastructure development of the country along with transforming the Bangladeshi industry into a safer, cleaner, greener, and more sustainable workplace.
He added that BGMEA is working with key trading partners to achieve a smooth transition once the LDC transition is effective. There has also been positive feedback from Australian Government officials regarding the continuation of duty-free market facilities.
Bangladesh will enjoy full duty-free and quota-free access to Canada from 2023 under the low-income country tariff plan.
Now the Canadian government has taken the initiative to continue duty-free market benefits to developing countries under the General Preferential Tariff (GPT) scheme.
Under this plan, other products will also be given duty-free access to Canada, including exemptions from manufacturing regulations.
The new plan also proposes to expand these market access facilities on the basis of labor and environmental compliance of the industry.
According to the Export Promotion Bureau (EPB) data, Canada was Bangladesh’s 11th largest export partner in the fiscal year 2022-23. In that financial year, Bangladesh exported goods worth $1.72 billion.