The Cabinet on Monday approved the draft of Trade and Investment Cooperation Framework Agreement (Ticfa), aiming to boost trade relations with the USA and bring dynamism in trade and investment between the two countries.The approval was given at the regular weekly meeting of the Cabinet held at Bangladesh Secretariat with Prime Minister Sheikh Hasina in the chair.
Cabinet Secretary M Musharraf Hossain Bhuiyan briefed reporters after the meeting.
He said that the agreement would bring good for the country and it would be implemented as soon as possible.
After the signing of the agreement, Bhuiyan said, a joint forum of the two countries will hold regular discussions on bilateral trade and investments which will help reduce the disagreement on the issue between Dhaka and Washington.
Besides, with the signing of the agreement, the USA would not be able to take any unilateral decision on trade and investment with Bangladesh. “It’ll help flourish our trade and investment,” he added.
Under the proposed agreement, both the countries will abide by their international commitments on labour rights, fight against corruption and protection of Intellectual Property Rights as it will be implemented under the laws of the respective countries.
The Commerce Ministry of Bangladesh and the Office of United States Trade Representative will sign the agreement on behalf of the respective sides.
The agreement would offer a platform for Bangladesh and the US to discuss bilateral trade issues, including the trade barriers and opportunities and also investment in the two countries.
Ticfa focuses on security, protection of investment, intellectual property rights and standard of labour.
With the approval of Ticfa, the pending issue of getting GSP from the USA might bring a positive result.
The GSP is a duty-waiver scheme of the US government for the least developed countries, introduced in 1976.
Bangladesh has continued lobbying to retain the GSP, as the American Federation of Labour and Congress of Industrial Organisations (the largest trade union in the US) filed a petition with the United States Trade Representative to discontinue the GSP after the Tazreen Fashions fire incident in November last.
The USTR is yet to give verdict on the issue. Bangladesh attended the hearing in the USA on March 28.
The Cabinet also approved the proposal of appointing Senior Staff Nurse on the vacant posts on adhoc basis, and to raise their minimum age of recruitment to 36 years.
The Cabinet Secretary said the schedule process of appointment could not be followed in appointing the nurses as the number of aspirant candidates was always lower than the vacant posts.
But following the upgradtion of the post of Senior Nurse to class II, the PSC rules should be followed in case of their appointment. “Now their seniority will be determined based on the merit score of the Nurses Diploma Examination,” he added.
The Cabinet was apprised about the participation of Environment and Forests Minister Dr Hassan Mahmud as the chief guest in the international Seminar on Environmental–Development Relationship in the context of Bangladesh organised at Harvard University.
Besides, the participation of Bangladesh delegation in the 46th Annual Meeting of Board of Governors of Asian Development Bank and the 38th meeting of Board of Governors of Islamic Development Bank.
Cabinet members, advisers to the Prime Minister and State Minister concerned attended the meeting. Secretaries concerned were present. (Source: UNB)
