USTR lauds govt for qualitative changes in business environment

The US has lauded the interim government for visible initiatives and qualitative changes in various sectors, particularly in labour rights, investment climate and business environment.

The appreciation was made when a US Trade Representative (USTR) delegation led by Brendan Lynch, Assistant USTR for South and Central Asia, called on Foreign Secretary Md Jashim Uddin at his office on Tuesday, said a Foreign Ministry's press release in Dhaka on Thursday, December 12. 

During the meeting, the delegation expressed hope that the next session of the United States-Bangladesh Trade and Investment Cooperation Forum Agreement (TICFA) meeting will be held in Washington, DC, early next 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.

Lynch was accompanied by Megan Bouldin, Chargé D'affaires in Bangladesh, and Emily Ashby, Trade Policy Analyst for South and Central Asia, Economic and Labour Attaches of the US Embassy in Dhaka.

Flagging the progress in fulfilling necessary labour reforms, the foreign Secretary expressed high optimism about getting back the GSP facility and financing from the Development Finance Corporation (DFC).

The visiting delegation updated the foreign secretary about the pre-TICFA discussions with the Ministry of Commerce, Ministry of Labour and Employment, Bangladesh Investment Development Authority, ICT Division, and other relevant stakeholders.

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 highlighted their readiness to cooperate and support all the necessary labour reforms, IP regulation, and customs modernization.

Lynch stressed that implementing the 11-point Labour Action Plan as proposed by the US side is a key component for reinstating the GSP facility in the US market and obtaining finance from the DFC.

The foreign secretary thanked the US government for their continued partnership with the interim government in trade, investment, and development.

He reaffirmed the commitment of the interim government to enhance the domestic labour environment aligned with international standards and to improve the business climate for more foreign investments.

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.

Source: BSS