‘Ticfa isn’t indispensible’

Foreign Minister Dipu Moni has said the proposed Trade and Investment Cooperation Forum Agreement (Ticfa) between Bangladesh and United States is not ‘indispensible’.

“This is a bilateral agreement under which a forum will be formed which will allow regular discussions to increase cooperation in trade and investment between the two countries. This is not a compulsory treaty.”

The Foreign Minister made it clear in Parliament on Sunday in reply to a question posed by Awami League MP Mohammed Rahmat Ali.

Ali asked if the national security will be in the hands of the US once Ticfa is implemented and if the draft of that treaty will be placed in Parliament.

In response Moni said since Ticfa is meant for cooperation in trade and investment, there is no chance of it threatening national security.

The draft of Ticfa treaty was approved in a cabinet meeting on Jun 17 amid opposition from the leftist groups.

Cabinet Secretary M Mosharraf Hossain Bhuiyan had said the possibilities of one-sided decision making will be narrowed with the sighing of this treaty.

He said the proposition included the need to end conservative trade and investment policies, the importance of preserving copyright, the value of various international conventions against corruption and Bangladesh’s international commitment in issues of labour rights.

The Foreign Minister said, “A verdict of the Supreme Court’s High Court Division said there is no obligation to place a bilateral treaty in Parliament. But it will be published on the websites of the Ministry of Foreign Affairs and Ministry of Commerce.”

There has been a long-term demand for duty-free access into the US market for Bangladesh’s products, especially readymade garment products. Bangladesh does not enjoy the privilege despite being an underdeveloped country due to the Ticfa agreement not being signed.

Once the treaty is signed, American investments in Bangladesh and the export of Bangladeshi products in the US market will be doubled in quantity, according to the US side.

Various leftist groups have claimed if copyright law is implemented, it will turn into an economic and political tool for large companies in the US. The treaty will allow these companies to make unlimited profit.