Khairul Alam: In a significant development, Dhaka is set to host the seventh Council Meeting of the Trade and Investment Cooperation Forum Agreement (TICFA) between Bangladesh and the United States. The focus of this meeting is the pursuit of duty-free access for Bangladeshi exports into the US market.
Additionally, discussions will revolve around imposing tariffs on clothing items manufactured in the US from imported Bangladeshi textiles.
The meeting, scheduled for Wednesday, will address various key issues, with the US emphasizing labor rights and freedom of expression as major components of its agenda.
Alongside labor rights, issues such as anti-union discrimination, unfair labor practices, and trade union registration will be discussed extensively.
Dhaka to Host Trade Facilitation Meeting, Bangladesh Seeks Duty-Free Access to US Market
However, observers believe that this meeting could face challenges in light of the upcoming national parliamentary elections, potentially impacting its influence on policy decisions. There are indications that relevant sources are already suggesting potential ramifications tied to the gathering.
Speaking on behalf of Bangladesh, the Senior Secretary of the Ministry of Commerce, Tapon Kanti Ghosh, highlighted the peculiar nature of textile imports from the US and the need for a nuanced approach.
He argued that since Bangladesh imports textiles from the US to manufacture garments, imposing tariffs solely on the value addition of these garments would be more equitable. This approach aims to address concerns while ensuring a fair trade environment.
The conference will commence at 12 PM local time at the InterContinental Hotel in Dhaka. Leading the Bangladesh delegation will be Tapon Kanti Ghosh, the Senior Secretary of the Ministry of Commerce, while Brandon Lynch, Assistant U.S. Trade Representative for South and Central Asia, will lead the US delegation.
Bangladesh will push for duty-free access to the US market, including duty-free and quota-free access for Least Developed Countries (LDCs). Moreover, Bangladesh’s proposal will seek to maintain the existing six-year duty-free and quota-free benefit after graduating from the Least Developed Country category.
The proposal is also expected to encompass benefits under the Generalized System of Preferences (GSP).
TICFA was signed in 2013, succeeding the Trade and Investment Framework Agreement (TIFA) signed in 2003, which laid the groundwork for Bangladesh-US trade relations. Under TICFA, it is stipulated that the forum holds meetings at least once a year to discuss various trade-related matters.
Stay tuned for updates on this crucial meeting as it unfolds in Dhaka, shaping the future of trade relations between Bangladesh and the United States.