Bangladesh Commerce Minister GM Quader has suggested that the country should immediately sign the Trade and Investment Cooperation Framework Agreement (TICFA) with the US.
Speaking at the inaugural ceremony of the fourth International Garment Accessories and Packaging Expo – GAPEXPO-2013, the Minister said Bangladesh’s delay in signing TICFA may be related to the US move to remove generalized system of preferences (GSP) facility to Bangladesh.
Mr. Quader said Bangladesh’s image will be affected if the GSP facility is withdrawn to it by the US, and said the Government must urgently consider signing of TICFA.
The Minister said scrapping of GSP facility to Bangladesh may have an adverse impact on the duty waiver currently being offered to all Bangladeshi products by the European Union.
TICFA is a proposed platform for the US and Bangladesh to deliberate on mutual trade related issues, including the existing barriers to trade and opportunities for the two countries.
The Minister informed that Bangladesh is currently in the process of implementing International Labour Organization’s (ILO’s) ‘Better Work Programme’.
He also said that the US Department of Labour has declared Bangladesh’s readymade garment (RMG) sector to be free from child labour.