Dhaka, Bangladesh (BBN)- Bangladesh’s exports to the global market will slide and its image in export destinations outside America will be affected if the US withdraws duty-free benefits under the generalized system of preferences (GSP), a leading chamber chief said.
“At any cost, we’ll have to ensure the continuation of the facility through proper negotiations,” M Sabur Khan, president of Dhaka Chamber of Commerce and Industry, told reporters at a press conference in the capital Dhaka on Saturday.
Bangladesh’s exports to other countries might slow down if the country’s image is harmed through cancellation of the GSP facility, he said. “We think the government should take quick steps to resolve the issue.”
On the other hand, the United States is looking at the possible withdrawal, suspension or limitation of Bangladesh’s duty-free benefits under the GSP.
The Office of the United States Trade Representative (USTR) has sought public comments in this connection by January 31 this year.
Under the GSP program, designated eligible imports from beneficiary developing countries get duty-free access to the US market. However, the GSP benefits may be withdrawn, suspended, or limited by the US president with respect to any article or with respect to any country.
BBN/SSR/AD-20Jan13-12:29 pm (BST)