Even as the delegation to Ticfa meeting voiced concerns over the implementation of TPP deal fearing “adverse impact” on Bangladesh exports, commerce minister ruled out possibility of any such implication.
“I don’t think TPP would hurt our exports as we already enjoy duty and qouta-free market access to the member countries including the US,” Tofail Ahmed said after a meeting with Spanish Ambassador to Dhaka Eduardo de Laiglesia yesterday.
The Trans-Pacific Partnership (TPP) is a trade agreement among 12 Pacific Rim countries concerning a variety of matters of economic policy. The agreement was reached on 5 October 2015 after 7 years of negotiations.
“Some people think that Bangladesh will be a loser if the TPP is implemented, but personally I do not believe in this notion. We are still a competitive country in global market and the exporters told me that they were getting a huge number of work orders,” Tofail said.
Commerce minister’s remarks followed a statement released by the Bangladesh delegation which expressed cocerns over TPP in the Washington Ticfa meeting on Nov 23.
The delegation led by Commerce Secretary Hedayetullah Al Mamoon feared that the deal might have an adverse impact on Bangladesh exports to the US and some other TPP countries.
Tofail Ahmed, however, alleged that the US government was bypassing the WTO and signing trade agreements like TPP and enacting trade laws like the African Growth and Opportunity Act.
About the restoration of general system of preferences in the US market, Tofail Ahmed appeared optimistic. “Since the USTR is satisfied with the progress of Bangladesh action plans to ensure safety in factories, I hope the US authorities would revive GSP.”
On June 27, 2013, the US authorities had suspended GSP for Bangladeshi products after Rana Plaza disaster raising concerns over labour rights and workers safety.
About the meeting with Spanish envoy, commerce minister said: “I conveyed a call through the ambassador to the Spanish investors to invest in Bangladesh. I said they could invest in any of 30 economic zones, now under construction.”
He added: “Spain, the fourth largest destination country of Bangladeshi products, wants to invest in the country’s infrastructure sector.”
He said in the last fiscal year, Bangladesh exports to Spain saw a 7% rise to $1.75bn and hoped that the fibure would further increase to $2bn this fiscal year.
According to Export Promotion Bureau data, in the last fiscal year, Bangladesh earned $1.75bn from exports to Spain and imported $130m worth of goods from the European nation.