Commerce Minister Tofail Ahmed on Tuesday expressed hope that Bangladesh will get back the Generalised System of Preferences (GSP) facility after the upcoming meeting of the Trade and Investment Cooperation Framework Agreement (TICFA) scheduled for November 23 in Washington. The commerce minister expressed the optimism over the revival of much-talked-about GSP facility while talking to reporters after a meeting with US Ambassador Marcia Stephens Bloom Bernicut at his office. Tofail said he had discussed about the agendas of the upcoming TICFA meeting with the US Ambassador, adding that the GSP issue will be at the top of the agenda. “The revival of GSP depends on the TICFA meeting. I hope that the decision of putting a hold on the GSP will be withdrawn at the TICFA meeting. There also will be discussion on Bangladesh’s inclusion in the Trans Pacific Partnership (TPP),” Tofail said. During the meeting with the US envoy, the minister also conveyed his gratitude to the US government for its support to help Bangladesh get the extension from patent protection for pharmaceutical products. Tofail informed that Bangladesh exported goods worth Tk 1,974 crore so far in the current fiscal, which is 17 percent higher than the same period last fiscal. “The TICFA will discuss the ways to enhance bilateral trade between US and Bangladesh,” the commerce minister said. He also said the TICFA will be meaningless unless GSP is retained. Tofail informed that Commerce Secretary Hedayetullah Al-Mamun, Labor Secretary, Foreign Secretary and other high officials concerned will represent Bangladesh in the TICFA meeting. Talking to the press, the US Ambassador also expressed hope that Bangladesh will be able to attain the capability to regain the GSP facility through discussions during the TICFA meeting. “I believe the GSP had not been withdrawn due to political instability, but for lack of safety and compliance standards. Discussions on the ways to retain the GSP facility will be held during the TICFA meeting,” the US envoy added. Bernicut said Bangladesh is a good friend to the US and her government will continue to support Bangladesh to enhance bilateral trade between Bangladesh and the US. She said Bangladesh saw 17 percent growth in export to the US, which will increase further in the future.
