Bangladesh Free Trade Agreements Us

Bangladesh Free Trade Agreements with the US

Bangladesh is one of the leading developing nations in South Asia, with a robust economy backed by a wide range of industries. Over the years, Bangladesh has been able to maintain steady economic growth, driven by its exports of various goods and services. To further support its export industry, the nation has entered into several free trade agreements with other countries, including the United States.

Free trade agreements are agreements between two or more nations that allow the signatories to trade goods and services without any tariffs or quotas. These agreements aim to foster economic cooperation, boost trade, and promote investment between the participating nations.

The United States is Bangladesh`s second-largest trading partner, with over $7 billion in bilateral trade registered in 2019. In 2013, the two countries signed the Trade and Investment Cooperation Forum Agreement (TICFA), marking a significant milestone in their bilateral trade relations. The agreement aims to promote economic growth, investment, and employment generation in both countries.

Additionally, Bangladesh is also a beneficiary of the Generalized System of Preferences (GSP) program, which provides duty-free access to the US market for several products exported from Bangladesh, including textiles, footwear, and other manufactured goods.

The US-Bangladesh Bilateral Investment Treaty (BIT) is another essential agreement between the two nations. Signed in 1989, the treaty provides legal protection to US investors in Bangladesh and Bangladesh investors in the US. It aims to promote bilateral investment and economic cooperation between the two countries.

The US-Bangladesh Partnership Dialogue is another platform that aims to strengthen the economic, strategic, and people-to-people ties between the two nations. The dialogue covers various sectors, including security, trade, environment, education, and culture.

Apart from these agreements, Bangladesh has also signed free trade agreements with other countries, including India, China, Sri Lanka, and Malaysia, among others.

In conclusion, Bangladesh`s free trade agreements with the United States are vital to its economic growth and development. These agreements provide duty-free access to the US market, promote investment, and foster economic cooperation between the two nations. With the recent renewal of the GSP program in 2020, the trade relations between Bangladesh and the US are expected to further strengthen and grow in the coming years.