Close on the heels of the 7th round of the TICFA meeting during which the US reportedly hinted that a good number of ‘Made in Bangladesh’ apparel items might fight a place in the new GSP list, John Fay, Commercial counsellor of the US Embassy in Dhaka has reportedly underlined that some challenges, including payment issues, non-transparent rulemaking and inadequate enforcement of intellectual property rights, had been limiting Bangladesh’s ability to achieve full trading potentials and creating disincentives for additional foreign investment.
During the monthly luncheon meeting of the American Chamber of Commerce in Bangladesh, hosted at the Westin Hotel in the capital city of Dhaka recently, the US Commercial Counsellor highlighted various challenges and opportunities in the bilateral trade relationship.
The US Commercial Counsellor pointed out that Bangladesh faces significant logistical and transportation infrastructure gaps that hinder and slow down the trade in goods even as, despite strong interest from the US private sector to invest in various sectors in Bangladesh, several challenges persist for both US and other foreign firms operating in Bangladesh.
These challenges encompass payment issues, the ability to repatriate earnings and revenue, non-transparent rule-making processes, and inadequate enforcement of intellectual property rights.
The trade relationship between Bangladesh and the US was noted to be concentrated in specific sectors, with Bangladesh predominantly exporting apparel-related products while the US focuses on steel and agriculture.
