Campaign for US zero tariff benefit to be renewed
Bangladesh will renew its campaign to get duty-free or the generalized system of preferences (GSP) facilities for its products in the US market when the new Congress resumes its session next month.
Such zero tariff benefit will save around US$ 375 million a year helping Bangladesh in diverting the money in implementing the projects taken for achieving Millennium Development Goals (MDG), said Akramul Qader, the country's ambassador in Washington, in an interview with the news agency at his office here yesterday.
Qader said the tariff rate for importing goods from least developed countries except African countries is very high in the USA. Bangladesh now yearly exports goods of around $ 3.7 billion in USA for which the country needs to pay 16-32 percent tariff, he added.
He said Bangladesh, as a member of LDC group, has long been trying to get quota-free access of its goods in the US market, which is being enjoyed by African countries under African Growth Opportunity Act.
Bangladesh's envoy said the campaign for GSP facilities slowed down when a bill placed by Congressman Mc Dermott in the US House was turned down in November 2009.
“If we're allowed a duty-free access to the US market, Bangladesh will get a significant price advantage and be able to increase exports substantially,” Qader said.
He said Bangladesh's pharma ceuticals and ship-building are the two most potential sectors which might have bright future in the US market.
On US-Bangladesh relation, the ambassador said it now lies on 'Three Ds- Democracy, Development and Denial of space to terrorism'.
"The USA government is happy to see that democracy and development are flourishing in full swing in Bangladesh and leaders of the country are committed to fight against terrorism," he said.
The envoy said the US government is also keen to strengthen relations with Bangladesh in the areas of trade and commerce.
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