US wants Ticfa meeting soon

The United States is willing to have the next meeting of Trade and Investment Cooperation Framework Agreement (Ticfa) soon with Bangladesh so that the two countries can boost economic ties in ensuring mutual respect and benefit. "I hope we’ll be able to schedule another Ticfa meeting soon so that our two countries can grow our economic relationship in mutually respectful manner," said Assistant US Trade Representative (USTR) Michael J Delaney before leaving Dhaka. In November 2013, the United States and Bangladesh signed a Trade and Investment Cooperation Framework Agreement (Ticfa) that provides an opportunity for the two countries to discuss mutual interests in trade, raise concerns, and resolve those. In the first Ticfa meeting in Dhaka last year, the suspension of GSP and a discussion of what steps had been taken under the Action Plan were a primary focus of the meeting. "While Ticfa is an appropriate forum for a discussion of these issues, it’s also important that we find a way to make progress together on other trade issues," said the Assistant USTR. However, Commerce Minister Tofail Ahmed finds TICFA meeting meaningless if GSP benefit is not restored. "Ticfa will be meaningless if GSP is not restored as we’ve fulfilled the conditions laid down in the Bangladesh Action Plan," Tofail told reporters after a meeting with the US Trade Representative delegation at the Secretariat on Wednesday afternoon. However, the US sees tremendous potential for expanding its trade with and investment in Bangladesh.  "We want to work together with Bangladesh to realise that potential.  That means both exploring new avenues of cooperation as well as working together to address challenges in areas such as worker rights," Delaney said. Earlier, Delaney said had opined that it would be critical to help protect Bangladesh's workers from another catastrophic failure like the tragic Rana Plaza building collapse in April 24, 2013. "These are examples of progress on items under the Action Plan's "To Do" list. But there is still important work to be done," said the US official before leaving the city, according to a news agency.
- biplab