UK to apply GSP to 92% Bangladesh tariff lines for 3 yrs post 2026

10 Aug '23

1 min read

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Bangladesh will receive duty-free export facilities for 92 per cent of tariff line products, including garments, in the United Kingdom market after graduating from the least developed country (LCD) status in 2026.
At a recent bilateral meeting, however, Dhaka pushed for continuing GSP benefits for six years instead of three following the graduation.

Bangladesh will receive duty-free export facilities for 92 per cent of tariff line products, including readymade garments (RMG), in the UK market after graduating from the least developed country (LDC) status in 2026, according to Mohammad Abdur Rahim Khan, additional secretary (export) in the Bangladesh commerce ministry.

Khan led his country’s delegation at a recent meeting in Dhaka of the joint working group formed for the expansion of UK-Bangladesh bilateral trade and investment.

The United Kingdom will continue offering Bangladesh different facilities under the Generalised Scheme of Preferences (GSP) for three years as a transition period after LDC graduation.

However, Dhaka proposed at the meeting that the United Kingdom continue the GSP benefits for six years following LDC graduation. The UK delegation replied that it will discuss the matter on their side, according to a report in a Bangladesh news outlet.

Bangladesh's merchandise exports to the UK—the third largest export destination of the country—peaked at $5.3 billion in fiscal 2022-23, up from $4.8 billion in the previous fiscal, and double the figure from a decade ago when it stood at $2.7 billion, according to commerce ministry data.

Fibre2Fashion News Desk (DS)

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