Bangladesh has decided against pursuing USA to get back the Generalised System of Preference (GSP) facility from it, which was revoked by the latter in the aftermath of the Rana Plaza tragedy.
This was made clear by the country’s Commerce Minister Tofail Ahmed recently.
“We will not apply for GSP facility, if they (US) want, they can provide the facility but we don’t think it is necessary,” reportedly observed Commerce Minister Tofail Ahmed recently following his meeting with James Golden, Executive Director of the Office of Asia, US Department of Commerce in Dhaka.
It may be mentioned here that within a couple of months of the Rana Plaza disaster of 2013, the US administration revoked the GSP facility that Bangladesh once enjoyed. Ever since Bangladesh is playing a catch-up game sans any consequence! First it was the Obama administration which laid down 16 conditions, fulfilling which the trade benefit would be reinstated. Bangladesh reportedly implemented those conditions and twice submitted reports to United States Trade Representative (USTR) but to no avail. The stand-off continues still with the Trump administration adhering to the stance of the previous leadership.
Meanwhile, US has reportedly hinted at expanding trade with Bangladesh in the upcoming fourth round of meeting of Trade and Investment Cooperation Forum Agreement (Ticfa), scheduled to be held in Washington on September 13.
Underlining the same while meeting Commerce Minister Tofail Ahmed at the latter’s Secretariat office recently, James Golsen reportedly maintained that the US will take necessary steps towards the expansion.
“Bangladesh has developed a lot. The US is satisfied with the progress Bangladesh has made. Many US companies are working in Bangladesh. Bilateral ties between the two countries go a long way. Bangladesh’s products are renowned in US market,” reportedly stated Golsen while addressing the media.