Dhaka: The United States is willing to have the next meeting of Trade and Investment Cooperation Framework Agreement (Ticfa) soon with Bangladesh so that the two countries can boost economic ties in ensuring mutual respect and benefit.

‘I hope we’ll be able to schedule another Ticfa meeting soon so that our two countries can grow our economic relationship in mutually respectful manner,’ said Assistant US Trade Representative (USTR) Michael J Delaney before leaving Dhaka.

In November 2013, the United States and Bangladesh signed a Trade and Investment Cooperation Framework Agreement (Ticfa) that provides an opportunity for our two countries to discuss mutual interests in trade, raise concerns, and resolve those.

In the first Ticfa meeting here last year, the suspension of GSP and

a discussion of what steps had been taken under the Action Plan were a primary focus of the meeting.

‘While Ticfa is an appropriate forum for a discussion of these issues, it’s also important that we find a way to make progress together on other trade issues,’ said the Assistant USTR.

However, Commerce Minister Tofail Ahmed finds TICFA meeting meaningless if GSP benefit is not restored.

‘Ticfa will be meaningless if GSP is not restored as we’ve fulfilled

the conditions laid down in the Bangladesh Action Plan,’ Ahmed told

reporters after a meeting with the US Trade Representative delegation at the secretariat on Wednesday.

However, the US sees tremendous potential for expanding its trade with and investment in Bangladesh. ‘We want to work together with Bangladesh to realise that potential. That means both exploring new avenues of cooperation as well as working together to address challenges in areas such as worker rights,’ Delaney said.

Earlier, he said this was critical to help protect Bangladesh’s workers from another catastrophic failure like the tragic Rana Plaza building collapse.

‘These are examples of progress on items under the Action Plan’s ‘To

Do’ list. But there is still important work to be done,’ said the US official.

Inspections of remaining RMG factories, including many operated by

subcontractors to RMG-exporting firms, still need to be conducted, he said.

‘We look forward to progress toward labor reform in the Export Processing Zones. Freedom of Association in the EPZs is a very significant element of both the GSP Action Plan and the Sustainability Compact,’ he said.

This is an issue on which they have been discussing with the government of Bangladesh for many years under the GSP program.

‘Efforts to harmonise the law in the EPZs with international standards on freedom of association or collective bargaining will help achieve another GSP element. Ensuring workers’ have a voice, regardless of whether they work inside or outside an EPZ, will be key.’