Dhaka, Bangladesh (BBN)– The country’s apex trade body has urged the United States to sign the Free Trade Agreement (FTA) with Bangladesh to strengthen further the bilateral trade relations between the two countries.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President AK Azad made the appeal at a discussion meeting on Bangladesh-US trade relation, held at the FBCCI conference in the capital Dhaka on Monday where US Ambassador Dan W Mozena was a guest speaker.
Responding to the call, the US envoy said he would refer the request to the US Congress, the authority to take decision on this matter.
The FBCCI chief, however, continued to convince saying that Bangladesh businesses require support from US in getting easy access to the vast north-American market where the country’s total export remained as low as 1.0 percent of the total US import.
Mr. Azad also referred to the Doha Development Agenda (DDA) to support his proposal and said the demand for duty-free-quota-free access to US market is also supported by the DDA, which seeks 97 percent duty and quota free market access for developing countries to developed markets like US.
Citing some recent competitive data of neighbouring countries particularly relating to apparel export, he said Bangladesh has been facing stiff competition from duty-free suppliers and exporters from China, India and Pakistan as 90 percent export from Bangladesh to US is subject to 15.3 percent MFN (most favoured nation) tariff.
The US ambassador told the meeting that a bilateral Trade and Investment Cooperation Forum Agreement (TICFA) would be concluded soon to establish a forum to identify and address obstacles for increased trade and investment between US and Bangladesh.
He, however, advised businessmen to take their own course of action in facing challenges as ‘they know and understand” the hindrances to business better than any other.
The trade volume with the USA was $ 5.78 billion in 2010-2011 of which export was $ 5.10 billion and import from the USA was $ 676 million, according to the official figures.
BBN/SSR/AD-16Apr12-11:20 am (BST)
