Siddique Islam from Dhaka
Tuesday, February 08 (National News Service): US and Bangladesh will start the process for signing free trade agreement (FTA) between the two countries within next few years after inking the Trade and Investment Framework Agreement (TIFA).
“Representatives from our country will visit Bangladesh very soon to revive the process of signing TIFA between the two countries and it will be helpful to boost bilateral trade,” US ambassador Harry K Thomas told the members of Economic Reporters’ Forum (ERF) Tuesday in Dhaka.
He said TIFA is the first step to the FTA between Bangladesh and USA. The TIFA would act as the basis for all future trade and investment deals and talks between Dhaka and Washington.
The United States made the offer for signing TIFA in February 2003 and a committee led by the chairman of the Tariff Commission had prepared the draft on TIFA.
TIFA is a framework that would permit the two sides to hold consultations periodically, perhaps, once or twice in a year, on trade and investment issues.
Replying to another question, the US envoy said the recent political volatility in Bangladesh won’t affect the Washington-Dhaka economic relationship.
Replying to a question he said China and India won’t be able to pose any threat to Bangladesh’s RMG sector following the expiry of multi-fibre arrangement (MFA) from January 1, 2005, if the lead time of the product’s export is minimized.
Thomas said trade, not aid, is the best way to strengthen the Bangladesh economy. “We strongly support increased trade between the US and Bangladesh, that’s why later this month, our Trade Development Centre is organizing an American Trade Show in Dhaka and we are also helping the Bangladesh government to organise a road show to take Bangladeshi entrepreneurs to three cities in US to try to develop markets for their products,” he added.
Thomas said Bangladesh also needs to improve infrastructure. (End/si)
