US proposes TIFA’s alternative

US Trade Show begins
The United States said it could set up a bilateral economic forum with Bangladesh which might be an alternative to the much-talked-about Trade and Investment Framework Agreement which was proposed earlier.
‘While we remain interested in this proposal [TIFA], an alternative could be a US-Bangladesh Economic and Trade Corporation Forum,’ the US ambassador in Dhaka, James F Moriarty, said on Thursday.
He was addressing the inaugural ceremony of the 19th US Trade Show in Dhaka with the foreign minister, Dipu Moni, as chief guest. The AmCham president, Aftab Ul Islam, presided over the programme. AmCham has organised the three-day trade show at the Sheraton Hotel.
Moriarty outlined a range of areas, including export, import, agricultural development and food security which had the potential to strengthen Bangladesh-US economic relation.
He cited great potential for the United States and Bangladesh to partner in initiatives (in agriculture and food security sectors) to increase productivity, technical innovation, trade, agri-business and value addition
‘A formal structure to discuss these issues at a high level on a regular basis would be useful. One way to such a forum would be to sign a Trade and Investment Framework Agreement,’ the ambassador said.
‘Both options would create a mechanism for regular, high-level dialogue where each side could raise issues related to bilateral trade and investment,’ Moriarty said. ‘I hope our governments can work together to establish such a forum to discuss economic and trade cooperation.’
The foreign minister said, ‘Further discussions could take place on TIFA and other similar proposals.’
Dipu Moni acknowledged that as a major market for Bangladeshi goods, the United States had helped Bangladeshi industries to grow for years.
The minister sought further help of the US administration and lawmakers by allowing duty-free market access for Bangladeshi readymade garments to the United States.
The Bangladesh-US bilateral trade crossed $4 billion in 2009 against $1 billion in 1992, Moriarty said.
Aftab sought the governments of Bangladesh and the United States should increase visa validity for 10 years.
‘Bangladesh can start by providing visas for longer period to encourage US investors,’ he said.
Seventy-two companies of US origin or the ones dealing with US-Bangladesh trade and investments have joined the trade show.
Boeing, Ford Motors, Caterpillar, IBM, Exxon Mobil Corporation, Dell, Coca-Cola and Cisco are among the exhibitors.
The fair will remain open to visitors between 10:00am and 8:00pm.

Courtesy of NewAgebd