US-Bangla officials to talk investment, trade tomorrow
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Because of its strong consumer base, Bangladesh is known as a significant investment and trading destination for most US companies, a few of which are interested to invest in a few key sectors such as agro-processing and pharmaceuticals, according to a senior official of the united states embassy in Dhaka.
Besides, representatives of the united states and Bangladesh are set to hold a high-level meeting tomorrow to go over investment and trade related issues, the official said on condition of anonymity while sharing his views on the problem at the American Centre in Dhaka.
For Bangladesh to regain its trade privileges beneath the Generalised System of Preferences (GSP), it will have to apply straight to the United States Trade Representative (USTR) after the US congress adopts a fresh GSP scheme either towards the end of the year or early next year, the state added.
The prevailing GSP facility has been suspended for all countries as its tenure is defined to come to an end this year.
The USTR, the principle trade negotiator for the government, suspended Bangladesh's GSP status following the nation's deadliest commercial accident -- the collapse of Rana Plaza building in June 2013 -- citing poor workplace safety and labour rights in the united states.
The USTR had also outlined 16 conditions to be improved after by both the government and private sector to ensure that the united states to regain its GSP status.
Since then, Bangladesh has fulfilled all of the required conditions and even put on the USTR twice for the reinstatement of the status.
However, the USTR continues to state that more improvements have to be made, especially when it comes to labour rights and unionisation in the garment sector.
During the discussion to be held tomorrow, officials from the united states and Bangladesh will discuss how to improve their monetary ties, especially amid the ongoing coronavirus pandemic.
Bangladesh has already emerged as a leading exporter of personal protective equipment (PPE) to the US as some local garment manufacturers have been exploiting the marketplace potential of the segment, the state said.
The US government considered Bangladesh as a crucial partner under its flagship Indo-Pacific Strategy (IPS) aswell, he added.
Under the IPS, the united states plans to get trillions of dollars to increase the region's infrastructure.
In line with the official, the united states also wants more trade talk platforms with Bangladesh apart from the existing Trade and Investment Cooperation Forum Agreement (TICFA), that was signed in November 2013.
Source: https://www.thedailystar.net