Bangladesh to request the US for restoring GSP privilege
Bangladesh will request the United States to restore its generalized system of preferences (GSP) for widening the market access of its products to the single largest export destination.
Sources said the country would call for the trade facilities at the upcoming meeting of the Bangladesh-US Trade & Investment Cooperation Forum Agreement (Ticfa), expected to be held on December 6 or 7 in Washington.
It will also urge the USA to extend the existing trade benefits Bangladesh now enjoys as the LDC, even after the country's graduation to a developing country.
Deputy Assistant US Trade Representative South and Central Asia Brendan Lynch recently proposed the tentative schedule of the sixth Ticfa meeting as well as a raft of draft agenda to the commerce ministry for its views and comments.
Bangladesh has already made significant improvements in labour rights, workplace safety etc. through implementation of the 16-point plan of actions prescribed by the US Trade Representative (USTR).
In June 2013, the US suspended the GSP for Bangladesh after the Rana Plaza building collapse.
The Ticfa was signed between the two countries on November 25, 2013.
Since then, five meetings have so far been held. Of them, three were held in Dhaka and two in Washington.
In different bilateral talks, meetings and partnership dialogues since 2015, Bangladesh has been urging the US to reinstate the GSP.
In 2018, Dhaka formally requested Washington to restore the trade benefit.
Currently, the US is the single largest export destination for Bangladeshi products with earnings worth over $10 billion only from apparel items.
From: Tribune Desk