On November 25, 2013, the Office of the United States Trade Representative (USTR) issued a press release announcing that a Trade and Investment Cooperation Forum Agreement (TICFA) between the U.S. and Bangladesh was signed in an effort to enhance and restore the trade relationship between the two countries. In June 2013, the U.S. revoked Bangladesh’s tariff benefits under the Generalized System of Preference (GSP) program, as a result of poor worker safety and worker rights.
 
According to the release, “In July 2013, USTR provided Bangladesh with an Action Plan on worker rights and safety that, if implemented, could provide a basis for the President to consider the reinstatement of GSP trade benefits.  In the bilateral meeting following the TICFA signing, the Government of Bangladesh shared its progress to-date on addressing the various elements of the Action Plan.”
 
Preferential duty treatment under  GSP  expired on July 31, 2013, and congress has yet to determine if an extension will be granted.
 
Bangladesh was the United States’ 59th largest trading partner in 2012, amounting to $5.4 in bilateral trade.
 
The press release can be accessed here

 GSP information can be accessed here