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Washington has assured Dhaka of reconsidering the Generalised System of Preferences (GSP) facility for Bangladeshi goods to the US market, according to commerce ministry.
The ministry issued a press statement after an inter-sessional meeting of TICFA between Bangladesh and the USA hosted through a virtual platform on Tuesday.
The American GSP facility project for various countries announced earlier will expire next December.
If the next project is introduced, there is an opportunity to consider providing the GSP facilities to Bangladesh, added the release.
In June 2013, the US suspended GSP for Bangladesh after the Rana plaza collapse that killed more than 1,135 workers and injured 2,500.
After the accident, it gave 16 conditions to be complied by the government and private sector factories concerned of Bangladesh.
The government fulfilled all 16 conditions in the field of workplace, labour rights issue, factories inspection and remediation issues.
Bangladesh applied two times to the United States Trade Representative (USTR) for reviewing to restore GSP facilities in its favour.
Commerce secretary Md Jafar Uddin led the Bangladesh side and assistant USTR for South and Central Asia Christopher Wilson the US side in the meeting.
Dhaka requested Washington to produce vaccine and pharmaceutical items through Bangladeshi pharmaceutical plants, a meeting source said.
The meeting also discussed RMG exports, light engineering, export of health items, manufacturing medical stuff like vaccine, relocation of industries to Bangladesh, trade and investment issues.
Dhaka sought cooperation in facilitating export of various international-standard products to the US market, according to the release.
It also sought to cut duty structure on apparel goods that is exported from Bangladesh to the US market.
The US proposed to hold an inter-sessional meeting of TICFA in every three to four months to increase bilateral trade and investment.
It favoured relaxing the provision for fumigation test of cotton from the US at the port of entry.
'Boll weevil' remains alive for 11 months and flies up to five miles. It is very harmful for local crops like cotton and ladies fingers, according to agriculture ministry.
Bangladesh is the only country that imposes fumigation requirement of American cotton at the port of entry.
Seemingly, since Bangladesh is one of the biggest importers of cotton, American cotton exporters are focusing on Bangladesh market.
Bangladesh sources cotton mainly from Africa, India, CIS countries and the United States, according to Bangladesh Trade and Tariff Commission.
As per rule 3(7) of the Plant Quarantine Rules-2018, any cotton imported into Bangladesh must carry the SPS certificate from the competent authorities of the exporting country.
The TICFA was signed between the two countries on November 25, 2013. Since then, five meetings have already been held.
Of them, three and two have been held in Dhaka and in Washington respectively. The next TICFA meeting will be held in Washington.