Dhaka is set to sign the much-awaited Trade and Investment Cooperation Forum Agreement (Ticfa) with Washington on Monday.
“We are going to sign Ticfa tomorrow morning,” Akramul Qader, Bangladesh ambassador to the US, told the Dhaka Tribune over telephone from the US capital on Sunday.
After signing the agreement, both parties will meet to discuss the future course of action and other trade-related issues including the GSP (Generalised System Of Preferences), which the US suspended for Bangladesh in June over the issue of workers’ rights.
“It is expected that GSP and other trade-related issues will be discussed in the meeting,” Qader said.
The cabinet endorsed Ticfa in June after negotiating with Washington for almost a decade.
The legally non-binding agreement emphasises on prohibition of protectionist trade policies, and is expected to promote bilateral trade between the two countries.
The protection of intellectual property rights, the role of the international anti-corruption convention and its importance, the protection of labour rights and WTO commitments of both countries are stipulated in the 16-parargraph preamble.
The main part of the agreement has seven articles and stipulates that a forum has been created through the accord.
According to the forum’s structure, the chair from the Bangladesh side will be the commerce ministry, while the Office of US Trade Representative will chair the US side.
Another important aspect of the forum is that in general, the two governments will discuss trade issues, but there will be scope for active participation from private sector and civil societies.
Bangladesh already has bilateral trade accords with 42 countries and negotiations are ongoing for signing deals with eight others. The US has similar contracts with over 90 countries
