Exporters not that worried

FE Team | Published: December 22, 2012 00:00:00 | Updated: February 01, 2018 00:00:00

FE Report
The local business leaders, especially those operating in export-oriented readymade garments (RMF) sector, expressed the view on Friday that the move by the US legislators, calling upon the US Trade Representative (USTR) to complete a long-running view of trade benefits for Bangladesh, is unlikely to have any adverse impact on its export of goods to the US market.
Bangladesh is receiving now very nominal benefits under the Generalised System of Preferences (GSP) from the US, they observed.
The export earnings from Bangladeshi goods to the American markets would continue even if the existing benefit is suspended, they said.
The US does otherwise offer 97 per cent of GSP facility for many goods for exports from Bangladesh. But Bangladesh has only about 2.0 per cent of exportable products that can be exported to America under the latter's GSP facility, they added.
"We have been exporting about 98 per cent of our goods including the readymade garment (RMG) items to the US without any benefit under the GSP," a local business leader said.
Citing an example, he said Bangladesh can never produce aircraft to export abroad even if it is included in the US's GSP benefit list.
"If the U.S. withdraws the GSP facility for Bangladesh, our exports will not be hampered. But we must ensure the workers safety and human rights in our factories to save our RMG sector," he noted.