Bangladesh voices ‘concern’ over Trans-Pacific Partnership in TICFA meeting

Bangladesh has voiced its ‘concern’ over the newly formed Trans-Pacific Partnership (TPP) in a TICFA meeting.

The second annual meeting of the Bangladesh-US Trade and Investment Cooperation Forum Agreement (TICFA) was held on Monday in Washington.
 
The Bangladesh embassy in Washington, in a statement, said Dhaka believed this TPP might “adversely impact” its exports to the US and some other TPP countries.
 
The US, Australia, Canada, Japan, Malaysia, Mexico, Peru, Vietnam, Chile, Brunei, Singapore and New Zealand are the members of the recently formed TPP.

Bangladesh, which is enduring a US suspension of GSP over workers’ rights and factory safety concerns, fears the new agreement could affects its exports to those markets.

But, US Embassy’s Deputy Chief of Mission David Meale had said before the TICFA meeting that the GSP Action Plan “standards are not unlike some of the standards found in TPP”.

He had also said if "Bangladesh decides it is willing to meet the overall TPP standards, it might one day wish to signal interest in joining”.

Commerce Secretary Hedayetullah Al Mamoon led the Bangladesh side while Assistant US Trade Representative Michel Delany headed his side in the TICFA meeting.

They discussed issues including progress on workers’ rights, Sustainability Compact and GSP Action Plan, investment climate in Bangladesh, transformation of Bangladesh, market access and responsible business conduct.

The meeting also deliberated on the Istanbul programme of action, Bali package implementation, fair pricing, TPP, blue economy, and infrastructure, among other things.

Bangladesh presented the progress it had made in workers’ rights, and factory safety norms.

It also urged the US to grant duty- and quota-free market access to its products as per Hong Kong Ministerial Declaration and Bali package, adopted in Bali WTO Ministerial.

The US side appreciated the progress so far made by Bangladesh on ‘Sustainability Compact and GSP Plan of Action’.

They also recognised the huge potential Bangladesh had, and hoped US investors will try to explore the potential.

The meeting decided to hold the next TICFA meeting in Dhaka next year. The dates are yet to be fixed.

Bangladesh and the US signed the TICFA on Nov 25, 2013 to establish an annual forum to identify and address obstacles to increasing bilateral trade and investment.

The first meeting was held in Dhaka in 2014.