Trade deal signed between US and Bangladesh

Dhaka: A trade concurrence is signed between US and Bangladesh on Monday. Dhaka expects that it is an encouragement for a relationship that was damaged by the fatal crumple of a garment factory previously.

Dhaka’s foreign ministry said the Trade and Investment Cooperation Forum Agreement (TICFA), was signed in Washington, is a strengthening way to trade and talk about labor problems in accordance to the previous experienced disaster, due to which a loss occurred of approximately $22 billion.

The US is the biggest destination for Bangladeshi apparel with two-way goods trade between the countries totaling $5.4 billion in 2012.
Ahsan quoted USTR Michael Froman as saying that the deal would provide a “formal mechanism” for talks.

The US suspended duty-free trade access to some Bangladeshi products in June in the wake of the Rana Plaza garment factory collapse that killed 1,135 people.
Bangladesh has started a couple of restructuring to relieve the rules and regulations on labor unions.

Dhaka’s position reversed after it came under intense pressure from the US and European Union to improve working conditions in the country’s 4,500 garment factories, following the April 24 collapse at Rana Plaza where workers were making clothing for Western brands including top US retailers.