Japan relaxes GSP rules for Bangladesh

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Japan has relaxed the rules of origin of Generalised System of Preferences (GSP) on Bangladesh's knit apparel products, reports BSS. "Considering a request from the government of Bangladesh, the Japan government has relaxed the rules of origin of GSP on knit products," the Japanese embassy statement said Tuesday. It said as of April 1, 2011, "The rules of origin of knitwear items (HS Chapter 61) to avail of Japanese GSP have been set as manufactured from textile yarn, which relaxes the rules of origin from 3 stages to 2 stages, namely: 1) knitting and dyeing and 2) sewing." The statement said this relaxation of Japanese GSP rules of origin would help Bangladesh to expand opportunities to further enhance economic relations between the two friendly countries. The Japan embassy hoped that it would also accelerate Bangladesh's economic growth and industrialisation.