Bangladesh to get GSP facilities in UK till 2027: Envoy

The United Kingdom on Wednesday reaffirmed its commitment to continue the Generalised System of Preference (GSP) facilities for Bangladesh until 2027 even after three years of the country’s graduation to a developing country from a least developed one.

Bangladesh will be given the GSP in two phases, British High Commissioner in Dhaka Robert Dickson said during a press conference held at his residence in Dhaka this noon.

The first phase of GSP facilities will be given till 2024 from now, while the second phase will be given till 2027, the British high commissioner said.  

The duty and quota-free facilities are being given to Bangladesh to expand Bangladesh’s growing export-oriented economy, he said.

The briefing was an outcome of the conference on trade and investment held between the two countries on Tuesday.

The business opportunity for Bangladesh is increasing in the UK, especially in its high-level service sectors, Dickson said.

In the 2019-20 fiscal year, Bangladesh exported goods worth $3.5 billion to the UK and imported goods amounting to $1.1 billion, according to data from the commerce ministry.

The UK was the third-largest investor in Bangladesh in 2019 and also the third largest export destination for the country’s apparel shipments.