FBCCI expresses concern over GSP scrapping
The country's apex trade body yesterday expressed deep concern over the suspension of trade privileges by the United States.
Although readymade garment, the country's main export, was not entitled to duty-free entry to the US market under the Generalised System of Preferences (GSP), the move will still hamper export growth.
“An image crisis, too, will arise,” said the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in a statement.
Trade between the two countries will squeeze and the inflow of investment from the US will also dry up as a result of the decision by the Obama administration, it said.
“Plus, the decision from the Obama administration comes at a time when the government is relentlessly working to improve the factory conditions and establish more labour rights,” the FBCCI said.
“It is very disappointing.”
The decision will also affect lives of the four million workers, particularly the female ones, whose living standards the US so earnestly want to enhance, it said.
The FBCCI, therefore, urged the US government for reconsider their decision over GSP.