Bangladesh to get GSP facility in UK till 2027

Bangladesh will get a Generalised Scheme of Preferences (GSP) in the UK till 2027 and Even though Bangladesh to become a middle-income country, the products of Bangladesh will get this GSP facility in the country in two steps in three years.

Robert Dixon, High Commissioner of the United Kingdom in Dhaka confirmed the matter. 

The British High Commissioner made the remarks at a press conference at his residence last Wednesday morning. The British High Commission hosted the first trade and investment conference between the two countries last week.

The British High Commissioner said that the duty-free and quota-free facilities were being provided as part of cooperation in developing Bangladesh's growing economy based on exports. Even if Bangladesh becomes a middle-income country, it will get a GSP facility in the UK market in two steps for three years.

The first phase will get GSP till 2024 and the second phase till 2027. In other words, Bangladesh will continue to get preferential access to the UK market for the next six years.

The British High Commissioner said there are several obstacles to investment in Bangladesh. These include bureaucratic complexities, incoherence between different institutions, procedural uncertainties, terms of contract implementation and the elimination of corruption, as well as complexities in taxation.

These issues need to be addressed. Robert C. Dickson noted that political commitment is a prerequisite for resolving these issues.