The government is likely to sign the much-hyped Trade and Investment Cooperation Forum Agreement (TICFA) with the US on Monday to facilitate trade and business among the two countries. Commerce secretary Mahbub Ahmed will sign the agreement in Washington on behalf of Bangladesh, while the US will be represented by acting deputy of US Trade Representative (USTR) Wendy Cutler.
Once formed, the forum will act as a convenient platform for discussions on trade and investment-related issues with the US government on a regular basis. At present, Bangladesh has to request for opportunities for discussing any issue with the US government.
The agreement will be made effective immediately after it is signed and the two sides will also hold the forum’s first meeting on the same day. “Dhaka will demand restoration of GSP facilities and duty free access of readymade garments to the United States at the first meeting,” said commerce minister GM Quader, while talking to The Independent.
“With formation of TICFA, the two countries will get an open and predictable environment for trade and investment,” said the minister. He added that the second meeting of the forum is likely to be held in Dhaka within three months after forming the forum.
The cabinet, on June 17, approved TICFA after more than a decade of talks, but the agreement was not signed due to confusion within the government. On the other hand, suspension of trade privileges, known as generalised system of preferences (GSP) for Bangladesh in the US market on June 27, prompted the government to delay the signing of the deal further.
The deal will force Bangladesh to take a clear stance against corruption and promote fundamental labour rights laid out in the ILO declaration of 1998 and effectively enforce the local labour laws. The deal will also push Bangladesh towards enforcing intellectual property rights in line with the WTO rules. Bangladesh will also open its service sector to US investors. The two countries will form a forum to discuss these issues and it will sit at least once a year.
-With The Independent input
