The US has praised the interim government for its observable efforts and significant improvements in a number of areas, most notably the business environment, investment climate, and labour rights.
According to a press release from the foreign ministry here today, the gratitude was expressed when a delegation of US Trade Representatives (USTRs) led by Brendan Lynch, Assistant USTR for South and Central Asia, visited Foreign Secretary Md. Jashim Uddin at his office on Tuesday.
The group conveyed their hope that the next meeting of the U.S.-Bangladesh Trade and Investment Cooperation Forum Agreement (TICFA) will take place in Washington, DC, early in the following year.
At the TICFA meeting, both sides will discuss deepening, strengthening, and broadening collaboration for mutual interest, including in the areas of bilateral trade, investment and development.
Megan Bouldin, the Chargé D’affaires in Bangladesh, and Emily Ashby, the Trade Policy Analyst for South and Central Asia, Economic and Labour Attaché of the United States Embassy in Dhaka, accompanied Lynch.
The foreign secretary highlighted the progress made in implementing the essential labour reforms and offered great hope for regaining the GSP facility and Development Finance Corporation (DFC) funding.
The foreign secretary was informed by the visiting delegation of the pre-TICFA talks with the Bangladesh Investment Development Authority, the Ministry of Commerce, the Ministry of Labour and Employment, the ICT Division, and other pertinent parties.
Lynch reiterated the commitment of the USTR Office to working with the interim government to create a transparent, predictable, stable, and regulated business environment in Bangladesh. The USTR delegation emphasised their willingness to work together and support the required labour reforms, intellectual property regulations, and modernisation of customs.
Lynch emphasised that restoring the GSP facility in the US market and securing funding from the DFC depend heavily on putting the US side’s 11-point Labour Action Plan into practice.
The US government’s ongoing cooperation with the interim administration in commerce, investment, and development was acknowledged by the foreign secretary.
He emphasised the interim government’s intention to improve the economic climate for additional foreign investments and to bring the domestic work environment into line with international norms. The Bangladesh Foreign Secretary highlighted the progress achieved in labour sector reforms by, among others, increasing the wage increment by 9% per annum, implementing an 18-point labour agreement and revising the Bangladesh Labour Act by the first quarter of 2025.
Jashim Uddin highlighted the reform initiatives taken by major regulatory bodies to ease doing business in Bangladesh.
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