Commercec Minister Tipu Munshi on Thursday said cotton fumigation and generalised system of preference (GSP) issues would be discussed in details in the next meeting of the Trade and Investment Cooperation Forum Agreement (Ticfa).
While inaugurating the US trade show and the commercial service office of the US Embassy in the city, the minister stated that almost all the requirements for getting the GSP facility were met by Bangladesh.
He also said that a team from Bangladesh would visit the United States to inspect the cotton fields so that the rationale behind the US demand regarding cotton fumigation could be assessed.
He mentioned that the US-Bangladesh bilateral trade increased many times in the last 50 years and they wanted it to advance further in the next 50 years.
U.S. Assistant Secretary of Commerce for Global Markets and Director General of the U.S. and Foreign Commercial Service Arun Venkataraman and U.S. Ambassador Peter Haas announced the opening of a new Commercial Service office at the U.S. Embassy.?
"As the United States and Bangladesh celebrate 50 years of bilateral relations, it is an opportune moment to expand upon the strong foundation of our bilateral and commercial relationship," said Assistant Secretary Venkataraman.
"The new Commercial Service office here in Bangladesh will play an important role in strengthening trade ties between our countries, and how we support U.S. companies doing business in such a dynamic and fast-growing economy" he added.
"Trade between our two countries accounts for an estimated $10 billion, showcasing the vast existing and potential opportunities in this country" he said.
The U.S. Department of Commerce will station a senior Foreign Commercial Service officer at the U.S. Embassy in Dhaka to maximize U.S. export opportunities and work collaboratively with Bangladesh to assist U.S. companies considering entry into or expanding their presence in the Bangladeshi market. ?
The office will help facilitate one-to-one business counseling, provide tailored export expertise and information on the Bangladeshi market, and work to connect U.S. businesses with potential Bangladeshi partners through business matchmaking and other services.?
The U.S. Foreign Commercial Service is the export promotion arm of the International Trade Administration, a bureau of the U.S. Department of Commerce.
The Commercial Service has an extensive global network consisting of 122 offices around the world and in over 100 U.S. cities. The new Commercial Service office will increase the number of international markets to 81.
Across Asia, the Commercial Service will have its presence in 19 markets, including Bangladesh.?
"I'm very pleased that we had so many representatives in the US at the trade show today. They are the ones that have had the foresight to consider the potential opportunity and growth that Bangladesh has to offer," the US Assistant Secretary said.
He said so many US businesses stood ready to help provide Bangladesh with solutions for growth and to develop infrastructure, especially in the energy sector, including LNG products and renewable.
US Ambassador in Dhaka Peter Haas said that the US companies would play a vital role in enabling Bangladesh to have a successful transition to the middle income country status and eventually to a developed country by 2041.
