Bangladesh unlikely to get back GSP soon: finance adviser

Bangladesh is unlikely to get back the benefits of the generalised system of preferences (GSP) from the United States soon because of several issues related to labour rights and standards in the country, Finance Adviser Salehuddin Ahmed said today.
Ahmed, who is currently visiting the US to take part in the annual meetings of the World Bank and the International Monetary Fund, said he raised the GSP issue in a meeting with the US Department of the Treasury.
“It is not like that we are not getting back the GSP.”
They have some labour related concerns and the US Congress is involved in the process of taking decisions regarding GSP facilities for Bangladesh, he said while talking to journalists after the meeting with the US Department of the Treasury.
However, the adviser did not explain much about the involvement of US Congress in the process.
Introduced in 1976, the GSP was a trade scheme allowing least developed and developing countries to export goods to the US at a low duty and none at all in some cases.
Bangladesh was suspended from it in June 2013 over serious shortcomings in labour rights and workplace safety after the twin industrial disasters — the Tazreen Fashions fire and Rana Plaza building collapse.
The scheme was cancelled for all beneficiary countries in December 2020.
Bangladesh has tried several times to get back the duty-free access to US market to boost the country’s exports.
The country has fulfilled 16 conditions for the reinstatement of the GSP and submitted the progress report to the United States Trade Representative twice.
However, on different occasions, the US has been saying that Bangladesh needs to do more.
World Bank’s $250 million grant for flood recovery
The World Bank will provide $250 million as grants for the recovery of damages caused by the recent floods in Bangladesh, the adviser said.
He shared the information after meetings with the members of different multinational development partners, including the World Bank officials.