The EU will adopt a more generalized system of generalized benefits for some countries from January 2011

On November 25, 2010, major media in Bangladesh reported that the EU will implement a more liberalized generalized system (GSP) for the least developed countries (LDCs) starting in January 2011. The new system does not restrict the origin of raw materials exported to the EU, and the Bangladeshi garment industry will no longer be paralyzed because of the import of raw materials, and export growth will become inevitable. In the past, Bangladeshi woven garment companies imported large quantities of raw materials from China, and they had to pay 12% of the tariffs for exporting to the EU. In January 2011, the tax burden would be waived in EU countries.