Bangladesh has signed the much-talked-about Trade and Investment Cooperation Forum Agreement (Ticfa) with the US amid protests from the left political parties.
Commerce Secretary Mahbub Ahmed and Deputy US Trade Representative Wendy Cutler signed the agreement on Monday at the USTR office in Washington DC.
The agreement will enable the countries to establish a forum with representatives from both parties to discuss opportunities and interests of bilateral trade and investment and identify and work to remove impediments in the trade and investment sectors.
While aiming at fostering bilateral trade and investment for creating jobs, improving technology and enhancing development, it recognises the importance of promoting the observance of other issues such as intellectual property rights, environment, and workers’ rights in accordance with laws of each country and in line with the international agreements as applicable to the countries.
Left political parties have voiced protests against the signing of the document, saying the agreement will have negative impacts on the country’s agriculture.
The main opposition BNP has, however, welcomed the agreement, terming it a “positive step” towards strengthening of the relationship between the two countries.
In his opening remarks, Ambassador Michael Froman said Ticfa would now provide a formal mechanism for Bangladesh and USA to engage in regular discussion on trade and labour issues like the GSP action plan and enable the countries to work together for improving labour condition and workers’ rights in Bangladesh.
Ambassador Akramul Qader said the signing would pave the way for a stronger engagement between the parties to resolve some crucial trade issues like restoration of the GSP and duty-free quota-free access of Bangladeshi items to the US market.
Secretary Mahbub expressed hope that the forum would facilitate enhanced market access for Bangladesh in the US and further US investment here.
After the signing ceremony, the parties held discussions on Bangladesh GSP Action plan.
Reactions
The Workers Party of Bangladesh led by Post and Telecommunications Minister Rashed Khan Menon issued a statement on Monday, saying under Ticfa, the trade sector of Bangladesh would become subservient to the USA.
The politburo of the party alleged that signing of the agreement had been approved because of special interests of some officials and advisers to the prime minister, and also for the commerce minister.
The Communist Party of Bangladesh and Bangladesher Samajtantrik Dal labelled the agreement as against the country’s interests, and said the government had signed the “opaque” deal by giving up these interests.
Shamsher Mobin Chowdhury, vice-chairman of the main opposition BNP, said: “Bangladesh has commercial, financial, technical and political relations with the United States…We see any step to develop the relationship between the two countries as a positive step.
“The BNP wants to further strengthen the ties with the United States when it comes to power.”