Bangladesh is set to receive duty-free export privileges for 92% of its tariff line products, including readymade garments (RMG), in the UK market after graduating from the least developed country (LDC) status in 2026.
The UK has committed to providing these favorable export conditions for a three-year period after LDC graduation, but Bangladesh has proposed that the UK extend the GSP benefits for an additional six years.
The UK delegation has said that they will discuss the matter on their side.
Bangladesh's exports of goods to the UK, which is the country's third-largest export destination, reached a peak of $5.3 billion in fiscal year 2022-23. This is up from $4.8 billion in the previous fiscal year and double the figure from a decade ago when it stood at $2.7 billion.
The duty-free export privileges are expected to have a significant positive impact on Bangladesh's economy, creating jobs and boosting trade and investment with the UK.
