Even as Bangladesh prepares to join the big league of developing nations that would shorn the country of certain privileges which it currently enjoys as a least developed country (LDC), the United Kingdom (UK), which is amongst Bangladesh’s major export destinations, especially as far as apparel products are concerned, will extend the Generalised System of Preferences (GSP) for three years as a grace period.
This was claimed by media reports, which cited the British High Commissioner to Bangladesh, in this direction.
Speaking to the media on 17 February (Wednesday), the British High Commissioner to Bangladesh, Robert Chatterton Dickson, reportedly, said that after the three years’ grace period, his country will make a decision on this issue, as per its trade policy.
If Bangladesh achieves LDC graduation in 2024, UK will extend GSP to the country (Bangladesh) till 2027, reportedly, underlined Dickson even as he clarified that if Bangladesh graduates in 2026, the GSP facility will continue till 2029.
It may be mentioned here that considering the fallouts of the COVID-19 pandemic, the Bangladesh Government, in a recent meeting with the United Nations Committee for Development Policy, reportedly, expressed its interest for LDC graduation in 2026.
