Brendan Lynch, Assistant United States Trade Representative (USTR) for South and Central Asia, has appreciated the interim government for visible initiatives and qualitative changes in various sectors, particularly in labour rights, investment climate and business environment.
He expressed his 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 in which both parties will discuss to deepen, strengthen, and broaden collaboration for mutual interest, including in the areas of bilateral trade, investment and development.
A US Trade Representative (USTR) delegation led by Lynch called on the Foreign Secretary Md Jashim Uddin, at the latter’s office, recently.
Lynch was accompanied by Megan Bouldin, US Chargé d’affaires in Bangladesh, Emily Ashby, trade policy analyst for South and Central Asia, Economic and Labour attaches of the US Embassy in Dhaka.
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 government of Bangladesh to enhance the domestic labour environment aligned with international standards and to improve the business climate for more foreign investments.
Jashim Uddin 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. Flagging the progress in fulfilling necessary labour reforms, the Foreign Secretary expressed his high optimism about getting back the GSP facility and financing from the Development Finance Corporation (DFC).
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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.
During the meeting, 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, among others.
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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.