Trade and Investment Cooperation Framework Agreement (TICFA) will be placed for approval in Monday’s cabinet meeting, according to the cabinet meeting agenda.
“It is likely to be approved in the cabinet meeting,” said a commerce ministry official on Sunday.
TICFA is an official platform through which problems of trade and commerce between Bangladesh and US will be resolved and both countries are negotiating for four years to conclude the agreement.
After the approval, commerce Secretary Mahbub Ahmed and Assistant US Trade Representative Michael Dellaney are likely to ink the deal at a convenient time, said the official.
The TICFA was on the agenda of May 13 cabinet meeting, but it was dropped from the agenda in the last minute as the Foreign Minister Dipu Moni was not present in the meeting. Earlier, the Foreign Minister at a press briefing on May 22 said TICFA was good for Dhaka and Washington, but it must ensure protection of interests of both countries.
She said TICFA would provide a good platform for trade expansion and this would have a positive impact on the trade between US and Bangladesh.
On many occasions, the US authorities feared that backing off from TICFA might leave a negative impact on Bangladesh’s trade interest.
Former Bangladesh Ambassador to US Humayun Kabir said TICFA is a framework agreement and not binding to either party.
“It is a forum to discuss and strengthen mutual cooperation. We promote investment and technology transfer from US and share knowledge with the country,” he explained.
It is the culture of the US authorities to build up relations in black and white, he said. Washington is one of the largest trading partners of Dhaka and the two-way trade reached over $6bn last year and it was heavily tilted towards Bangladesh.