June 17, 2024

Bangla Garment Exports Get UK Duty Free Status Post LDC

Bangladesh garment exports to the UK will continue to receive duty free status posts for a three year period following its transition out of the Least Developed Country (LDC) status in 2026.

The South Asian country will be eligible to export 92 percent of tariff line products duty-free, which also includes apparels, when accessing the UK market.

Bangladesh overall export to UK touched $5.3 billion in fiscal 2022-23, up from $4.8 billion in the fiscal 2021-2022 and is also double from $2.7 billion, 10 years ago.

Readymade garments accounted for around 80 percent of overall Bangladesh exports in fiscal 2022-2023.

The group of least developed countries, including Bangladesh, had applied to the World Trade Organisation (WTO) seeking GSP benefits for six years after LDC graduation.

At the joint working group meeting between Bangladesh and UK government officials, Bangladesh had suggested that UK continue the facilities for six years following LDC graduation.

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