Finance Adviser Salehuddin Ahmed revealed that Bangladesh is unlikely to regain the benefits of the generalised system of preferences (GSP) from the United States in the near future due to labour rights concerns and the involvement of the US Congress in the decision-making process. This news comes after the IMF slashed the country's growth forecast to 4.5 percent and 41 activists were acquitted after 11 years in Rangpur. In the wake of this development, pressure is mounting on the president to step down as the ruling party's student wing is being called for a ban and the 1972 constitution to be scrapped.
Bangladesh's prospects for regaining the Generalized System of Preferences (GSP) benefits from the United States have dimmed due to persistent labor rights concerns. Finance Adviser Salehuddin Ahmed has stated that the country is unlikely to see a swift restoration of these benefits.
Bangladesh enjoyed GSP privileges from the US, which allowed it to export goods duty-free, until 2013. However, the benefits were suspended due to allegations of labor rights violations, including child labor and forced labor.
Since then, Bangladesh has implemented reforms aimed at addressing these concerns. However, the US Congress has played a significant role in the decision to maintain the suspension.
Recent events have cast further doubt on Bangladesh's ability to regain GSP. These include:
1. What is the GSP? The Generalized System of Preferences (GSP) is a US trade program that grants duty-free access to certain products from eligible developing countries.
2. Why was Bangladesh's GSP suspended? Bangladesh's GSP privileges were suspended in 2013 due to concerns about labor rights violations, including child labor and forced labor.
3. What has Bangladesh done to address the concerns? Bangladesh has implemented several reforms to improve labor rights, including raising the minimum wage, increasing labor inspections, and establishing a labor court.
4. Why is the US Congress involved? The US Congress has played a role in maintaining Bangladesh's GSP suspension due to concerns about the adequacy of the country's reforms.
5. What are the implications of the GSP suspension? The GSP suspension has hurt Bangladesh's economy by reducing its exports to the US. It has also damaged the country's reputation as a reliable trade partner.
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