Dhaka and Washington have signed the much talked-about Trade and Investment Cooperation Forum Agreement (TICFA), establishing a platform to identify and overcome the obstacles to increasing bilateral trade and investment between Bangladesh and the United States. Commerce Secretary Mahbub Ahmed and Deputy US Trade Representative Wendy Cutler inked the deal in Washington on behalf of the respective governments on Monday, said a Foreign Ministry press statement, describing the pact as historic.
The signing ceremony, held at the office of the US Trade Representative (USTR), was attended, among others, by Bangladesh Ambassador to USA Akramul Qader, USTR Ambassador Michael Froman, US Assistant Secretary of State of South and Central Asian Affairs Nisha Desai Biswal and senior officials of Bangladesh and US governments.
The agreement will enable the countries to establish a ‘forum’ with representatives from both parties to discuss opportunities and interests of bilateral trade and investment, identify and work to remove impediments in the trade and investment sectors.
While aiming at fostering bilateral trade and investment for creating jobs, improving technology and enhancing development, the agreement recognises the importance of promoting the observance of other issues such as intellectual property right, environment, workers’ rights in accordance with laws of each country and in line with the international agreements as applicable to the countries.
TICFA will now provide a formal mechanism for Bangladesh and USA to engage in regular discussion on trade and labour issues like GSP action plan and enable the countries to work together for improving labour condition and workers’ rights in Bangladesh, said USTR Ambassador Michael Froman in his opening remarks.
Ambassador to USA Akramul Qader said that this was an opening of a new chapter \in the US-Bangladesh bilateral relationship, which would pave the way for stronger engagement between the parties to resolve some crucial trade issues like Generalised System of Preference (GSP) restoration and duty-free quota-free (DFQF) access of Bangladesh’s exportable to US market.
After the signing ceremony, the two sides held discussions on Bangladesh GSP action plan.
UNB adds: Opposition BNP on Monday night found positive the singing of the Trade and Investment Cooperation Forum Agreement (Ticfa) between Bangladesh and the USA.
“Bangladesh has long commercial, economic, technical, military and political relations with the USA,” BNP vice-chairman Shamsher Mobin Chowdhury told UNB.
“We think necessary measures should be taken to improve the existing relations (between the two countries) on the basis of mutual interests. BNP will strengthen the relations further, if it comes to power,” Mobin, also a former foreign secretary, said.
-With The Independent input
