Recently, Finance Adviser Dr Salehuddin Ahmed has stated that the country is pursuing diplomatic efforts to revive GSP facilities in order to minimize its trade imbalance with the US. Earlier, Commerce Adviser Sheikh Bashir Uddin stated that to regain the duty-free access (GSP) of Bangladeshi products to the US market, the country's demands regarding labour rights must be met. The interim administration is moving in that direction. This is undoubtedly a good initiative by the present interim government, as GSP programs offer preferential trade treatment, like duty-free access, to developing countries that meet specific criteria, including respecting international labour standards. It is to be noted that strong labour law implementation and enforcement are not just about compliance with GSP requirements; they are also essential for promoting fair and sustainable economic development, writes Abu Sufian, independent researcher and freelance columnist, Dhaka, Bangladesh.
Currently, 85 percent of Bangladesh's total export earnings come from ready-made garments. The country is ranked second in the world in terms of ready-made garment exports. Bangladesh's competitors are now Vietnam, Cambodia, and Laos. However, it will be difficult for Dhaka to maintain its position in global garment export market in the coming days. The main reason for this is that labour laws in Bangladesh are not up to international standards. Bangladesh has been repeatedly criticized in the international...
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