Dhaka and Washington are expected to sign the Trade and Investment Cooperation Forum Agreement (Ticfa) on November 25. A Bangladesh government delegation comprised of officials of foreign affairs and commerce ministries will leave for Washington on November 22 to ink the much-awaited trade deal, foreign ministry sources said yesterday.Commerce Secretary Mahbub Ahmed will sign the agreement on behalf of Bangladesh while the US will be represented by Acting Deputy of US Trade Representative (USTR) Wendy Cutler.
Foreign Secretary Shahidul Haque will also accompany the delegation.
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.
Meantime, the 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.
According to government officials, Ticfa says the two countries will foster an open and predictable environment for trade and investment.
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 law.
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 barriers to trade and investment and it will sit at least once a year.
-With The Daily Star input
