Bangladesh will have to ensure human rights, rule of law, sound labour and environment standards and good governance to enjoy trade privilege in the Germany market in the days to come.
German Ambassador in Dhaka Achim Troster expressed this view while speaking as the special guest at the celebration of the 50th anniversary of the German-Bangladesh diplomatic relations organized by the German-Bangladesh Chamber of Commerce and Industry (GBCCI) at a city hotel Sunday night.
By 2026, Bangladesh will be upgraded to middle income country and is likely to experience several challenges including high tariff in the EU markets.
However, Bangladeshi exporters may get trade privilege including GSP plus up to 2029 in Germany, provided Bangladeshi exporters ensure human rights, rule of law, sound labour and environment standards and good governance.
On June 11th, 2021, the German parliament passed the Supply Chain Due Diligence Act (LkSG) – also known as the Supply Chain Act. The new German Supply Chain Act, which will come into force on January 1, 2023, primarily focuses on human rights issues, but also includes environmental considerations.
Achim Troster said “However, in order to expand the German-Bangladesh bilateral trade in the days to come, new export sectors need to be harnessed keeping in mind the environment and labour-friendly production.’
“The new Act on Corporate Due Diligence in Supply Chains will mandate German companies from 2023 to ensure that there are no violations of human rights in their business operations and in the supply chain. Therefore, Bangladesh’s exporters, supplying to German companies , now have to huge responsivities to prepare themselves , especially in the light of adoption of this Supply chain law,” Achim Troster said.
“Bangladesh needs to respond proactively to remain prepared and demonstrate a compliant business landscape that respect human rights, as well as the environment,’ he added
Bangladesh showed one of the highest economic growths in Asia even during the Covid-19 pandemic. By 2026, Bangladesh will officially graduate to the status of Least Developed Country (LDC) and by 2041, the country aims to become a high-income industrialised country.
Currently, some 65 German companies are working in Bangladesh, particularly in the textile, transports, energy, logistics sectors and building materials industry.
After 50 years, the excellent relationship between Bangladesh and Germany continues to reach a new height with deeper and strong cooperation. Because of its strategic location in the Indo-Pacific region with its growing importance as a strong political and economic actor, Bangladesh is today an important economic and political partner of Germany, said Achim Troster.
Chair of BGCCI Committee and Chairman and Managing Director of Incepta Pharmaceuticals & Incepta Vaccine Ltd. Abdul Muktadir has sought cooperation of Berlin as its professionals need higher training in Germany.
Ambassador-at-large Mohammad Ziauddin, Executive Advisor & CEO of BGCCI Ambassador Shahed Akhtar and Bangladesh Ambassador to Germany Md. Mosharraf Hossain Bhuiyan also spoke on the occasion .
