AN OVERVIEW OF THE GENERALIZED SYSTEM OF PREFERENCES (GSP) AND THE INTERNATIONAL TRADE OF BANGLADESH

The current paper presented an overview of the Generalized System of Preferences (GSP) with its eligibility and its function in the international trade of Bangladesh. GSP is a popular preferential tariff system which is excluded from regular rules of the World Trade Organization (WTO). Many least developed countries including Bangladesh have been granted the GSP benefit from the USA and GSP Scheme from European Union (EU). This article discussed the importance of the GSP as a preferential tariff system in view of advantages, disadvantages and effects of withdrawing it from the European Union and USA. The paper revealed that the withdrawal of GSP from the European Union and USA was not negatively affected on Bangladesh foreign trade volume and values. The study followed a secondary data analysis using custom reports, newspaper articles, books and the internet.