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Everything But Arms
Under the "Everything But Arms" initiative, Bangladesh continues to get duty- and quota- free access for all its products except for arms and ammunition for an indefinite period.
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The basic rationale of the Generalised System of Tariff Preferences (GSP) is that developing countries cannot compete with developed countries. However, some developing countries cannot even face the competition of other developing countries. Therefore there is a need to target the tariff preferences available under the GSP to the Least Developed Countries (LDCs), which need them most.
In February 2001, the Council adopted the "Everything But Arms" initiative (Regulation (EC) 416/2001), granting duty-free access to imports of all products from LDCs without any quantitative restrictions, except for arms and munitions. The EBA Regulation foresees that the special arrangements for LDCs should be maintained for an unlimited period of time, so that they would not be subject to the periodic renewal of the Community's scheme of generalised preferences.
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