On November 24, the European Union (EU) and Bangladesh had their first “political discussion” to “elevate” their collaboration by supplying strategic direction and enhancing their cooperation on foreign and security policy. The mission was led by the state minister for foreign affairs of Bangladesh while the EU was represented by Enrique Mora, deputy secretary general of the European External Action Service (EEAS). The decision to start the political discussion was made when Foreign Secretary Masud Bin Momen and the Deputy Secretary General of the European External Action Service (EEAS) met in Brussels in October 2021. Concepts like democracy, basic rights, the rule of law, and human rights have become more significant. EU and Bangladesh have agreed to collaborate on these issues. Both parties consented to sign a PCA (Partnership Cooperation Agreement) in recognition of 50 years of ties between Bangladesh and the EU. According to reports, the deal will cover topics, including connectivity, defence, a cyber security framework, and mitigating climate change threats. Human rights will serve as the cornerstone of this new legal system. There is a chance to strengthen and broaden the relationship between the two sides in light of Bangladesh’s expanding capacity, growth, and journey with the EU. This conversation has made one thing quite clear: the European Union is becoming steadily more interested in Bangladesh. Bangladesh has interests in fostering closer ties with the EU, just as the EU has interests in doing the same with Bangladesh or other nations in the region. Bangladesh’s policymakers must establish a plan to take full advantage of this chance. There is potential to strengthen Bangladesh’s business ties with advanced European nations. In the areas of education, science, and technology, Bangladesh needs their cooperation. Bangladesh can count on the EU’s cooperation in some international venues, notably the UN, on topics like the Rohingya crisis. Bangladesh may also request unique advantages for travel to EU nations. The EU acknowledged the resurgence of national pride and growth momentum in Bangladesh and expressed interest in collaborating with Bangladesh to address issues of shared concern, particularly by putting a focus on the Indo-Pacific. The state minister reported that they also looked at the Rohingya situation from a security perspective and discussed finding a political solution through the repatriation of the displaced people from Bangladesh to Myanmar. Both parties also spoke about a variety of issues of mutual interest, including security cooperation, a free and fair Indo-Pacific, the Ukraine crisis, food security, trade facilitation, and the question of whether Bangladeshi goods will continue to be able to enter the market duty-free after Dhaka leaves its LDC status. Additionally present was Charles Whiteley, the EU ambassador to Bangladesh. The EU will establish a program for duty-free advantages known as “GSP Plus.” But the EU has some requirements. Bangladesh has recently made major economic and social strides. Bangladesh’s potential departure from the LDC category in the upcoming years will be its most significant accomplishment. But the question remains: Will Bangladesh’s business community be prepared to meet the challenges when it no longer qualifies as a Least Developed Country (LDC) in 2024? Losing privileged market access in many export destinations seems to be the most challenging aspect of the path to seamless graduation. Historically, the EU, which accounts for 64 per cent of all exports of textiles and 58 per cent of all exports overall, has been the top consumer of goods from Bangladesh. Bangladesh has profited from the best Generalized Scheme of Preferences of the European Union programs with zero tariffs as an LDC thanks to these programs. Bangladesh must therefore maintain its tariff preference in all significant markets following LDC graduation, but particularly in the EU market. If advantageous tariffs were used to maintain export competitiveness, the nation’s exports would rise. More manufacturing, higher export earnings, more opportunities for women to work, and ultimately less poverty would result from this. Bangladesh seeks technological support for renewable energy sources as well as financial assistance for adaptation to climate change. The discussion focuses on the importance of cooperation in counterterrorism initiatives and a free and open Indo-Pacific region. Bangladesh will work to utilize the European Union’s Generalized Scheme of Preferences Plus (GSP+) facility after the loss of the Everything But Arms (EBA) scheme’s duty-free and quota-free market access facility in the EU in 2029. The region’s importance is greater than ever as the world’s centre of power shifted towards Asia. Regional cooperation is very important to the EU and they want to know how Bangladesh is positioned in the region. Enrique Mora also said that Bangladesh has become an important state with excellent economic progress. The return of the Rohingya is more crucial for Bangladesh. On the other hand, the EU considers the situation in Myanmar to be normal. Since the beginning of the Rohingya issue, EU nations have backed a solution. However, after the military took over in February of last year, reestablishing democracy in Myanmar became their top priority, and the Rohingya problem was pushed to the side. Both parties must state their perspectives clearly and talk about how to cooperate to find a solution. This is not a problem that Bangladesh and Myanmar have bilaterally. This is a global issue, he claimed. This is something that the global community should be worried about. By suspending various sanctions and development aid programs, including arms aid, the EU is applying pressure on the military authorities in Myanmar. The EU expressed its gratitude for Bangladesh’s government and people’s continued generosity in hosting more than 1.1 million Rohingya who has been forcibly displaced from Myanmar for more than five years. The writer is a freelance columnist.