A decade after the US suspended the Generalized System of Preferences (GSP) for Bangladesh, the country still hasn’t regained this trade benefit. However, with Prof. Muhammad Yunus recently appointed as chief advisor to the interim government, business leaders are hopeful that his global reputation might help restore GSP.
On 27th August, key business leaders met with Finance and Commerce Adviser Salehuddin Ahmed to discuss the issue. Mohammad Hatem, president of the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), expressed optimism, noting that Prof. Yunus’s international standing could aid in regaining GSP benefits in the US.
Mr. Hatem also raised concerns about banks requiring margins for opening Letters of Credit, which the advisor plans to address. Additionally, Hatem discussed recent disruptions caused by floods, emphasizing the need to develop or reopen Pangaon Port in Narayanganj to ease supply chain issues. He noted improving buyer confidence, partly due to the chief advisor’s involvement.
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