Bangladesh has called for US investment in high-end garment sector during the third round of talks under the Trade and Investment Cooperation Forum Agreement (Ticfa). The issue of Bangladeshi garments attracting high duty in the US markets was also raised. However, a US reinstatement of GSP privileges to Bangladesh was not discussed in the meeting.
Bangladesh acting commerce secretary said they have not discussed the GSP issue at the post-meeting briefing in Dhaka. However, Bangladesh raised the issue of high duty on its garment shipments to the US. Readymade garments from Bangladesh currently attract 15.62 per cent duty while entering the US, which reduces competitiveness of these products in the US market.
Bangladesh has sought US investment in some sectors, including the high-end garment sector, telecom and energy sectors. Fair prices of goods, technology transfer and infrastructure development were also discussed in the meeting.
“Both governments pledged their commitment to deepen their engagement and increase their trade and economic ties. The United States particularly noted its interest in addressing specific market access barriers to trade and concerns on overall labour reform,” the US Embassy in Dhaka said in a press release. In 2016, the two-way trade between Bangladesh and the US was $6.8 billion.