The commerce ministry has requested the foreign ministry to finalise a probable date for the signing of the crucial Trade and Investment Cooperation Framework Agreement (Ticfa) with the USA to bolster bilateral trade and investment.
“The [commerce] ministry today [Wednesday] sent a letter to the foreign ministry along with the law ministry’s vetting consent and the actual documents of the Ticfa in Bangla and English versions,” Commerce Secretary Mahbub Ahmed told the Dhaka Tribune.
The officials of the commerce ministry and the US Trade Representative would sign the deal in the USA after a date is fixed, he said.
“For the first time [in history], the Bangladesh government has prepared a Bangla version of an agreement with another country in line with the desire of the US commerce ministry. The public administration division [of the Bangladesh government] has translated the [Tifca] documents into Bangla,” he added.
The commerce secretary informed that the committee of the public administration division consisted of Bangla Academy representatives who did the translation.
The Bangla version was prepared in order to allow the common people to know and understand the details of the Ticfa and thus eliminate chances of misconception.
According to the Ticfa draft that the cabinet approved on June 17, the two countries will foster an open and predictable environment for trade and investment.
Washington has welcomed the cabinet’s decision to approve the Ticfa and Dhaka is waiting for an opportune moment to sign the agreement either in the USA or in Bangladesh.
The deal is expected to enable Bangladesh to take a clear stance against corruption and promote basic labour rights laid out in the 1998 declaration of the International Labour Organisation and successfully enforce the local labour law.
The deal will also drive Bangladesh towards enforcing intellectual property rights in line with the World Trade Organisation rules.
Following the signing of the Ticfa, Bangladesh will also open its service sector to US investors.
The two countries will form a forum to discuss these issues and barriers to trade and investment.
