US cotton GSP will increase Bangladesh’s apparel export revenue

According to Bangladesh’s “Financial Express” report on September 26, Bangladesh has recently been exempted from mandatory fumigation requirements for U.S. cotton imports and is negotiating with the United States on granting tax exemptions to clothing made from U.S. cotton. . Bangladesh has repeatedly asked the United States to reduce or reduce the 15.62% import tariff on such clothing. Experts predict that if Bangladesh and the United States reach this agreement, it will not only increase Bangladesh’s clothing export revenue by US$800 million per year, but also Bangladesh will import US$3 billion worth of US cotton within 5-7 years. Bangladesh needs 9 million bales of cotton every year, 98% of which comes from imports. </p