FBCCI for FTA with USA to boost trade
Dhaka-Washington to conclude Ticfa soon: Mozena
Dhaka, Apr 16 (UNB) - President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) AK Azad on Monday urged the United States to sign the Free Trade Agreement (FTA) with Bangladesh to help grow trade relations between the two countries.
“On behalf of the apex trade body, I would like to propose both the governments to sign an agreement on free trade,” Azad told a discussion on Bangladesh-US trade relations at its conference room.
He went on: “We don’t want aid but we want business support…aid is not the solution…allow Bangladesh’s products to the US market and US’s products to Bangladesh market freely…let’s grow together.”
Azad said Bangladesh’s total export to the USA is less than 1 percent of total import of the USA. “As regard to providing 97 percent DFQF (Duty Free Quota Free) market access under Doha Development Agenda (DDA), we demand duty- quota-free access to the US market.”
He also said Bangladesh faces very stiff competition from duty free suppliers and exports from giants like China, India, Pakistan as RMG, the 90 percent of Bangladesh’s exports to the USA, is subjected to 15.3 percent MFN (most favored nation) tariff.
The FBCCI arranged the event titled ‘Bangladesh-USA Trade Relations’ at its conference room with its president AK Azad in the chair.
US Ambassador in Dhaka Dan W Mozena, FBCCI first vice president M Jshim Uddin, vice president Mostafa Azad Chowdhury Babu, former FBCCI president Abdul Awal Minto, head of the economic and political wing of the US Embassy in Dhaka Tobias Glucksman and business leaders, among others, spoke on the occasion.
Azad said the business leaders will shortly have another meeting with the US Ambassador to discuss more on the FTA issue.
In response, the US envoy, Mozena, did not tell anything clearly about the FTA but expressed his high hope on signing a bilateral trade deal between Bangladesh and the USA to strengthen trade ties between the two countries.
“Soon, we hope, to conclude a bilateral Trade and Investment Cooperation Forum Agreement (Ticfa) which will establish a forum that will identify and address obstacles for increased trade and investment between the two countries,” the US envoy said.
The US diplomat said as business leaders, they (businesses) have a key role to play to that end. “You understand the challenges better than any of us. You understand the culture and political dynamics. You have political influence and business networks.”
Speaking on the occasion, the US envoy said the United States is Bangladesh’s largest direct foreign investor, and last year the bilateral trade grew to over US$6 billion for the first time, supporting millions of jobs in Bangladesh.
He said the world is waking up to a New Bangladesh. “Bangladesh is poised to be the next Asian tiger, the Bengal Tiger; poised to reach its goal of achieving middle-income status in the next decade or so; poised to achieve its dream of the Golden Bangladesh.“
He said, “I believe it’s time for the world’s seventh largest country [in terms of population] to take its rightful place in the global economy. This, however, will not happen automatically.”
Mozena said sustained six percent annual growth is a remarkable achievement, but it is not enough. “Bangladesh must create an environment conducive to attracting massive inflows of investment and greatly expanding trade to reach the next gear in the economy.”
He focused on improved rule of law with fair, credible and efficient mechanisms to resolve commercial disputes, an investment climate that invites, encourages and facilitates the influx of huge amounts of investment that creates jobs and raises the standard of living and stable, thriving democracy based on mutually agreed ground rules to utilise the abundant opportunities that Bangladesh has.
“No one of these scenarios is easy, but all are possible. There’s no magic wand to make them happen. Only joint efforts from all sectors -- the business community, government, civil society and the international community - can make them reality.”
The US diplomat said America is here as Bangladesh’s partner in this effort, both as a major development partner, and as a major trading and investment partner.
“American will invest US$1 billion in development assistance to Bangladesh over the five years,” he said.
The trade volume with the USA was US$ 5.78 billion in 2010-2011 of which export was US$ 5.10 billion and import from the USA was US$ 676 million.
“On behalf of the apex trade body, I would like to propose both the governments to sign an agreement on free trade,” Azad told a discussion on Bangladesh-US trade relations at its conference room.
He went on: “We don’t want aid but we want business support…aid is not the solution…allow Bangladesh’s products to the US market and US’s products to Bangladesh market freely…let’s grow together.”
Azad said Bangladesh’s total export to the USA is less than 1 percent of total import of the USA. “As regard to providing 97 percent DFQF (Duty Free Quota Free) market access under Doha Development Agenda (DDA), we demand duty- quota-free access to the US market.”
He also said Bangladesh faces very stiff competition from duty free suppliers and exports from giants like China, India, Pakistan as RMG, the 90 percent of Bangladesh’s exports to the USA, is subjected to 15.3 percent MFN (most favored nation) tariff.
The FBCCI arranged the event titled ‘Bangladesh-USA Trade Relations’ at its conference room with its president AK Azad in the chair.
US Ambassador in Dhaka Dan W Mozena, FBCCI first vice president M Jshim Uddin, vice president Mostafa Azad Chowdhury Babu, former FBCCI president Abdul Awal Minto, head of the economic and political wing of the US Embassy in Dhaka Tobias Glucksman and business leaders, among others, spoke on the occasion.
Azad said the business leaders will shortly have another meeting with the US Ambassador to discuss more on the FTA issue.
In response, the US envoy, Mozena, did not tell anything clearly about the FTA but expressed his high hope on signing a bilateral trade deal between Bangladesh and the USA to strengthen trade ties between the two countries.
“Soon, we hope, to conclude a bilateral Trade and Investment Cooperation Forum Agreement (Ticfa) which will establish a forum that will identify and address obstacles for increased trade and investment between the two countries,” the US envoy said.
The US diplomat said as business leaders, they (businesses) have a key role to play to that end. “You understand the challenges better than any of us. You understand the culture and political dynamics. You have political influence and business networks.”
Speaking on the occasion, the US envoy said the United States is Bangladesh’s largest direct foreign investor, and last year the bilateral trade grew to over US$6 billion for the first time, supporting millions of jobs in Bangladesh.
He said the world is waking up to a New Bangladesh. “Bangladesh is poised to be the next Asian tiger, the Bengal Tiger; poised to reach its goal of achieving middle-income status in the next decade or so; poised to achieve its dream of the Golden Bangladesh.“
He said, “I believe it’s time for the world’s seventh largest country [in terms of population] to take its rightful place in the global economy. This, however, will not happen automatically.”
Mozena said sustained six percent annual growth is a remarkable achievement, but it is not enough. “Bangladesh must create an environment conducive to attracting massive inflows of investment and greatly expanding trade to reach the next gear in the economy.”
He focused on improved rule of law with fair, credible and efficient mechanisms to resolve commercial disputes, an investment climate that invites, encourages and facilitates the influx of huge amounts of investment that creates jobs and raises the standard of living and stable, thriving democracy based on mutually agreed ground rules to utilise the abundant opportunities that Bangladesh has.
“No one of these scenarios is easy, but all are possible. There’s no magic wand to make them happen. Only joint efforts from all sectors -- the business community, government, civil society and the international community - can make them reality.”
The US diplomat said America is here as Bangladesh’s partner in this effort, both as a major development partner, and as a major trading and investment partner.
“American will invest US$1 billion in development assistance to Bangladesh over the five years,” he said.
The trade volume with the USA was US$ 5.78 billion in 2010-2011 of which export was US$ 5.10 billion and import from the USA was US$ 676 million.
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