The United States has urged Bangladesh to increase collaboration with private and civil sector stakeholders in its readymade garment industry.
The US also noted its “concern at the pace of reforms” intended to guarantee workers’ rights and safety standards.
Bangladesh and the US Trade and Investment Cooperation Forum Agreement (Ticfa) Council held its fifth meeting on Thursday in city and discussed the issues.
The US and Bangladesh stated their intent to boost trade and investment opportunities and facilitate the existing flow of goods and services, according to the office of the US Trade Representative (USTR).
The two-way trade in goods with Bangladesh totaled $9 billion in 2019.
The participants discussed improvements to the investment climate needed in Bangladesh to achieve this.
Effective protection of intellectual property rights; clear regulation and monitoring of the trade in pharmaceuticals and medical devices; commitment to enable the digital economy; support for investors’ right to fair and prompt dispute resolution and arbitration; enforcement of obligations and notifications under WTO agreements; and transparency in government procurement were highlighted in the meeting.
During the meeting, the US and Bangladesh focused on market access for US agricultural products and financial services, as well as the importance of upholding international labor norms.
The delegations to the Ticfa Council meeting were led by Mohammed Jafar Uddin, Secretary, Bangladesh Ministry of Commerce, and Christopher Wilson, Assistant US Trade Representative for South and Central Asian Affairs.
Bangladesh and the US Trade and Investment Cooperation Forum Agreement was signed in 2013.
The last Ticfa meeting was held on September 13, 2018.
source: UNB
