Canada has extended its General Preferential Tariff (GPT) scheme, which provides duty-free market access to developing countries.
The new version of the scheme, called GPT+, will align the program with the ongoing trade dynamics, sustainability priorities, and the economic context of the beneficiary countries. Bangladesh has been a beneficiary of the GPT scheme since 2003 and is expected to benefit from GPT+.
Canada Extends GPT Scheme to 2034, Bangladesh to Benefit from GPT+; Bangladesh is one of the major markets for Canada's apparel. In the fiscal year 2022-23, Bangladesh's apparel exports to Canada reached US$1.55 billion, which was a 16.55% increase from the previous year.
With the introduction of GPT+, Bangladesh should aim to further penetrate the Canadian market by focusing on high-growth sectors such as sustainable apparel and by improving the quality and compliance of its products.
Key points:
• Canada has extended its GPT scheme to 2034.
• The new scheme, called GPT+, will align the program with the ongoing trade dynamics, sustainability priorities, and the economic context of the beneficiary countries.
• Bangladesh has been a beneficiary of the GPT scheme since 2003 and is expected to benefit from GPT+.
• Bangladesh is one of the major markets for Canada's apparel and should aim to further penetrate the Canadian market with the introduction of GPT+.
