Bangladesh Free Trade Agreements Us

It should be noted that only about 1.0% of Bangladeshi products that can be diverted to the United States have benefited from the GSP in the form of duty-free access. For example, in 2012, Bangladesh`s total exports to the United States amounted to $4878.60 million, of which only $34.60 million was made under the GSP system. The main items exported under the GSP were plastic products, ceramics, golf products and carpet products. As a result, the GSP suspension has very little impact on Bangladesh`s exports to the United States. Bangladesh has adopted a number of reforms, including easing restrictions on trade unions and raising the lowest wages of the country`s four million workers in their efforts to recover commercial services. Given that the future of the WTO looks bleak and the Doha Round is likely to be buried, it is clear that Bangladesh clearly has no hope of gaining duty-free market access in the US market. U.S. trade policy in the Trump regime has clearly overshadowed the multilateral trade negotiation process and called for bilateral agreements. The bilateral free trade agreement (BFTA) will therefore be the only option to receive preferential treatment in the United States. Bangladesh is currently our 46th largest trading partner for goods, with a total of $9.0 billion (two to two) merchandise trade in 2019. Exports of goods were $2.3 billion; Imports of goods amounted to $6.7 billion. In 2019, the U.S. merchandise trade deficit with Bangladesh was $4.3 billion.

PNTR. In 2000, the United States began normal trade relations and accepted China into the World Trade Organization “A few years after they were sold on NAFTA, the Americans were told that opening our markets to China with a special agreement that brought it to the World Trade Organization was a smart geopolitical strategy to pull China in the right direction.” After 19 years of trade, the trade deficit with China has increased from $83 billion in 2001 to $345 billion in 2019. The Institute for Economic Policy shows that this deficit cost us 3.2 million jobs between 2001 and 2017. The United States suspended duty-free access to some Bangladeshi products in June after the collapse of the Rana Plaza garment factory, which killed 1,135 people. We also know that free trade increases trade deficits. Trade deficits began in the late 1970s and rose to $794 billion in 2019, an uncomfortable fact largely ignored by politicians. Workers` rights and worker safety led the United States to suspend the country`s commercial services for the Generalized Preference System (GSP) in June 2013. At the time of the suspension, the United States made available to the Government of Bangladesh an action plan to address workers` rights and security issues as the basis for reintroducing the commercial benefits of the GSP. Since then, Bangladesh has made significant progress in achieving some of the plan`s objectives, including inspections, safety and security, and the United States continues to work with the Government of Bangladesh to ensure further progress on workers` rights.

Comments are closed.