EU Trade Commissioner Karel De Gucht has warned that there is still a risk of Bangladesh’s privileged access to the European market being suspended if the ongoing programmes to improve safety and compliance do not succeed.
Bangladesh enjoys duty-free and quota-free access to the EU which is the largest export destination for the garment sector. The commissioner’s statement underlines the seriousness of the challenge facing the RMG sector. While the suspension of the US GSP was largely symbolic and had a minimal effect on our export revenues, any similar measure from the EU could have bigger, devastating consequences.
Thus far the EU has been a collaborative trade partner and they have worked with the government to develop a mutually agreed roadmap to improve the security of factories and working conditions in the Bangladeshi RMG sector. However, the lack of progress in implementing the roadmap is threatening to jeopardise one of our most valuable trade relationships.
The statement of the EU commissioner is not dissimilar to recent statements made by other foreign delegates on our current political crisis, urging our leaders to act for compromise before the country succumbs to complete political and economic catastrophe. The government must work to ensure that all stakeholders in the RMG sector make progress on improving compliance and modernising the industry.
Capable mature leadership is required by all political parties to prevent the country’s economy falling into the abyss.
