Commerce minister Tofail Ahmed on Thursday hoped that the United States would change its ‘mind’ on suspended GSP issue, claiming that Bangladesh had already fulfilled all the conditions tagged with the restoration of special tariff benefit in the US market. ‘We hope the mind of US will be changed and they’ll look into the matter sympathetically. Bangladesh has done everything to get back the GSP [Generalised System of Preferences],’ he said. He made the remarks in presence of US ambassador in Dhaka Marcia Bernicat while addressing as the chief guest the inaugural ceremony of three-day US Trade Show at Sonargaon Hotel in the city. He reiterated that the Trade and Investment Cooperation Framework Agreement (Ticfa) will remain ‘meaningless’ if GSP benefit for Bangladesh products in the US market was not restored. ‘We’ve signed Ticfa. What does Ticfa mean? It means trade and economic development. If we can’t help each other, Ticfa will be meaningless,’ Tofail said drawing ambassador Bernicat’s attention. The US administration suspended GSP benefit for Bangladesh in June 2013 based on Bangladesh’s failure to meet ‘statutory eligibility requirements’ related to worker rights. The commerce minister, however, said the relations between Bangladesh and the USA is ‘very good’ which both the countries are maintaining since beginning. On bilateral trade between the two countries, he said the trade volume would exceed $ 7 billion in the current fiscal year. The bilateral trade volume was $ 1 billion in 1992 which reached almost $ 7 billion in 2015. Bernicat said the trade volume between the two countries could be increased significantly through a stronger partnership between the businesses of the two countries. ‘Increased trade helps both nations maximise their economic growth. It creates jobs and brings shared prosperity.’ She said the trade relations between Bangladesh and the USA are growing faster than Bangladesh’s impressive economic growth. ‘The annual bilateral trade growth is 8.5 per cent. It’s truly outstanding. However, we can do more and we will do more.’ The ambassador said Bangladesh has so much to offer to US businesses and the world. Conveying the similar message to Bangladeshi businesses, she said the US is ‘open’ to foreign investors. ‘I’m encouraging Bangladesh businesses – men and women – to invest in the US just like the US businesses invest in Bangladesh.’ Bernicat said she, in support of Bangladeshi investors, will be leading a delegation of Bangladeshi investors to attend an Investment Summit in Washington DC later this summer. The American Chamber of Commerce in Bangladesh (AmCham) in partnership with the US Embassy in Dhaka is hosting the 24th edition of the trade show. The US Trade Show highlights the American products available in Bangladesh and the strong partnership between the US and Bangladeshi businesses. Chairman of Asia Pacific Council of American Chambers of Commerce (APCAC) Jackson Cox, AmCham President Md Nurul Islam also spoke on the occasion. AmCham Vice president Showkat Ali Sarkar was also present. Some 40 exhibitors occupying 64 booths are participating in the trade show this time while the number was 43 in the 23rd edition of the event.
