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Bangladesh doesn't need GSP facility from US anymore

After a meeting with Japanese Ambassador to Bangladesh Hiroyasu Izumi commerce minister Tofail Ahmed has said Bangladesh does not need Generalised System of Preference (GSP) facility from the United States as the country will soon be elevated to the group of developing nations. The achievements are satisfactory though every year $900 million is given to the US as custom duty.

Referring to Japanese investment, Tofail says Bangladesh has signed many agreements with Japan and the country will make 100 per cent investment in one of the 100 special economic zones of the country.

The US is the single largest export destination for Bangladesh. Of the total exports of the country, 16.78 per cent goods are destined to the American markets, with garment items accounting for 95 per cent of the shipment. Bangladesh would enjoy GSP plus facility to the EU markets even after its graduation from the LDC grouping.