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GSP facilities for Bangladesh, other countries to continue: UK

12 Nov 2020 11:50, Somoy English Desk
GSP facilities for Bangladesh, other countries to continue: UK
GSP facilities for Bangladesh, other countries to continue: UK

The UK will continue to provide Generalised Scheme of Preferences (GSP) facilities for imports from 47 least developed countries, including Bangladesh, although the country has left the European Union.

Low-income and lower-middle income countries will benefit from lower tariffs compared to the UK Global Tariff, according to Department for International Trade, Foreign, Commonwealth and Development Office.

The trade preference scheme will cover any eligible countries that do not have their existing trade agreements transitioned into a new agreement with the UK.

British importers will continue to pay zero or reduced tariffs on everyday goods such as clothing and vegetables from the world’s poorest countries now the UK has left the EU, British Secretary of State for International Trade Liz Truss announced on Tuesday.

She said free trade helps businesses to grow, boosts the economy and creates new jobs.

Bangladesh exported goods worth US$ 350 crore to the UK in 2019-20 fiscal year.

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