Commerce Minister Tofail Ahmed yesterday said restoring suspended Generalised System of Preferences (GSP) trade facilities for Bangladesh will get top priority in the upcoming Ticfa talks to be held on November 23 in Washington.
On June 27, 2013, the US government suspended the GSP for Bangladesh over labour rights and worker safety issues.
The minister came up with the remark after a meeting with the US Ambassador to Bangladesh Mercia Stephens Bloom Bernicat at his office yesterday.
The meeting focused on the issues to be placed in the Trade and Investment Cooperation Framework Agreement (Ticfa) talks in US.
A team lead by Senior Commerce Secretary Hedayetullah Al Mamoon will join the talks with his US counterpart.
Foreign secretary, Labour and Employment secretary and Bangladesh ambassador to US will also take part in the meeting.
“The team will raise the GSP issue as the success or reality of Ticfa depends on the restoration of the suspended trade facilities for Bangladesh,” said Tofail Ahmed.
After the Rana Plaza incident, the country’s RMG industry converted into compliance, and hopefully, GSP facilities will be back, the minister said, adding that GSP does not bring financial benefits, but it works as a reputation, he said.
“With the Ticfa talks coming up in Washington, we have topics to discuss, keeping in mind that, we have robust growth in trade. RMG sector has 17% growth so far in the first quarter.”
“We are happy and satisfied customers,” said US Ambassador to Bangladesh Mercia Stephens Bloom Bernicat.
The Ticfa talks, of course, covers GSP issues and how the trade facilities can be restored, she added.
Not on the political issues but on the question of establishing international standard worker safety, the GSP has been suspended by the US government, Barnicat said.
“We are two countries that share values. The US has been a friend of Bangladesh and wants to see a stable and prosper Bangladesh.”
Bangladesh has adopted an absolute success route to that prosperity through development of private sector and the US is an enthusiastic trade partner to make sure that happens, she added.
“Commenting on the rules of Labour Act, Barnicat said it is an important component for ensuring rights and we are looking into it.”
According to Export Promotion Bureau (EPB) data, Bangladesh’s export to US market rose to $5.78bn in the last fiscal year, which was $5.58 in FY2013-14.
In the first four months of the current fiscal year, Bangladesh earned $1.97bn.