The US envoy said TICFA will provide a platform for Bangladeshi ready-made clothing to enter the United States without tariffs
U.S. Ambassador to Bangladesh Dan W Mozena said that Bangladesh’s duty-free exports of ready-made garments (RMG) to the U.S. market will rely on the Trade and Investment Cooperation Framework Agreement (TICFA), which the two countries will sign at a later date.
During the U.S.-Bangladesh trade relations negotiations, U.S. Ambassador Mozena said that TICFA would be signed soon between the two countries.
He said that Bangladesh’s request for tariff-free export of apparel products to the United States is very legitimate. Signing TICFA will provide a platform to identify existing obstacles and accelerate bilateral trade and investment between the two countries.
Approximately 97% of Bangladeshi products enter the United States duty-free. However, clothing, Bangladesh’s main export product, is subject to tariffs of more than 15% when entering the US market.
Therefore, Bangladesh has demanded duty-free entry into the United States for its ready-made clothing products, which face stiff competition from India, Pakistan and China.
In the fiscal year 2010-11, Bangladesh exported products worth $5.1 billion to the United States. During the same period, the United States exported $676 million to Bangladesh.
TICFA is the Trade and Investment Framework Agreement (TIFA), but the two countries failed to sign this agreement.
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