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PORIMOL PALMA
The European Union sees a sea of change in post-August 5 Bangladesh and aims to support the political transition, broadening and deepening its ties with the country amid global geopolitical shifts.
European Investment Bank (EIB) Vice President Nicola Beer will visit Dhaka in January to explore EU support for Bangladesh’s development.
Bangladesh is undertaking reforms in various sectors following the July uprising.
“We are looking at all the possibilities... to support the reform ambitions of the interim government,” said EU Ambassador to Bangladesh Michael Miller in an exclusive interview with The Daily Star.
“You have the potential to serve as a symbol of stability, hope, and fundamental rights. We want to collaborate with you to ensure this becomes a remarkable success story,” he said.
He expressed optimism about the progress in fundamental rights, democratisation, and rule of law in Bangladesh, aligning with EU values.
At least 19 EU diplomats met Chief Adviser Prof Muhammad Yunus in Dhaka on December 9.
Miller said the EU is committed to making the political transition successful, emphasising the need for a democratic election.
ECONOMIC TRANSITION
Under the Everything but Arms (EBA) scheme that provides duty benefits to the LDCs, Bangladesh’s exports to the EU grew from €2.4 billion to €24 billion per year in the past two decades and some €2-3 billion in duties were saved annually.
With Bangladesh graduating out of LDC status by 2027, these benefits will end. The EU has another scheme called GSP Plus, which, however, is subject to stringent conditions of human rights, democracy, labour rights and environment.
The EU and Bangladesh are transitioning from their 2001 trade agreement to a Comprehensive Cooperation Partnership Agreement (CCPA), with negotiations starting in November.
Under the Global Gateway Initiative (GGI), the EIB has committed €400 million to renewable energy projects in Bangladesh. The January visit of EIB’s Vice President is seen as a significant step to boost infrastructure, connectivity, and digitisation.
Now, with the political changeover in Bangladesh, the EU is doubling its efforts to work with Bangladesh.
“On the first hand, we have politically huge sympathy, huge interest… we want this political transition to be successful and we want it to end in a democratic election,” Michael Miller said.
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We are looking at all the possibilities we have to support the reform ambitions of the interim government. You have the potential to serve as a symbol of stability, hope, and fundamental rights. We want to collaborate with you to ensure this becomes a remarkable success story.