Hectic efforts to regain GSP facility on

The government has taken a number of steps for regaining the generalised system of preferences (GSP) which is expected to be reviewed in May this year in the US Congress, reports BSS.
Commerce Ministry sources quoted US Ambassador in Bangladesh Dan W Mozena as saying recently that Bangladesh's progress on the front was "satisfactory."
Earlier, Commerce Minister Tofail Ahmed told a group of businessmen recently that 13 of the 16 conditions for restoration of GSP facility have been met and the other three will be fulfilled soon.
On the side of the first meeting with the US under the Trade and Investment Cooperation Framework Agreement (TICFA) which is likely to be held on April 6, the GSP issue will also be raised, Commerce Minister Tofail Ahmed disclosed this while briefing journalists at his ministry recently, after a meeting with the US ambassador.
Besides, a team from US including a group of private investors will visit Bangladesh in the first week of April to discuss the issue, the minister added.
A Bangladesh delegation is expected to visit Washington DC next month to brief US on the developments in Bangladesh.
In order to qualify for trade preferences under the US GSP, beneficiary countries must meet certain requirements, including taking steps to ensure internationally recognised workers' rights for the workers in the country.
The US is currently reviewing Bangladesh's eligibility for GSP benefits based on the workers' rights criterion, office of the United States Trade Representative (USTR) informed.
Bangladesh has appointed thirty-nine factory inspectors to strengthen government's effort to ensure safety in garment factories.
The recruitment is part of the government's plan to appoint additional 200 inspectors to fulfil a requirement set by the American government to revive the GSP, Labour Secretary Mikail Shipar said. The ministry will have a total of 310 inspectors after the new recruits join work, Mr Shipar added.
Meanwhile, The Foundry, a publication of the Washington-based Heritage Foundation, said that withdrawal of GSP will increase the cost of export, ultimately eliminating jobs.
Although a few garment buyers have announced their withdrawal from Bangladesh, more than 30 global brands, including H&M, Tesco, PVH and Inditex, have signed accord on Fire and Building Safety in Bangladesh to improve the working condition in the country's RMG factories.