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US briefs Bangladesh on Indo-Pacific Economic Framework
Bangladesh welcomed information on the pillars of the IPEF
Prime Minister's Private Industry and Investment Adviser Salman F Rahman speaks in a meeting held at the Foreign Ministry of USA in Washington DC on Thursday, June 2, 2022 PID
Tribune Desk
June 3, 2022 2:12 AM
Washington on Thursday briefed Dhaka on the Indo-Pacific Economic Framework (IPEF), a new trade deal launched by US President Joe Biden with the aim of strengthening ties with countries in the region.
Nations joining the US in the IPEF are Australia, Brunei, India, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Vietnam. Along with the US, they represent 40% of world GDP.
Bangladesh welcomed additional information on the supply chain resilience and decarbonization pillars of the IPEF and sought US technical assistance to sustainably explore its ocean resources and further develop its blue economy, according to a joint statement issued by the US and Bangladesh governments after a high-level economic consultation in Washington.
The second US-Bangladesh High-Level Economic Consultation was co-chaired and convened by US Under Secretary of State for Economic Growth, Energy, and the Environment Jose W Fernandez and Private Industry and Investment Advisor to the Prime Minister of Bangladesh Salman F Rahman in the US capital.
Both countries share a common vision of a free, open, inclusive, peaceful, and secure Indo-Pacific region with shared prosperity for all, the statement said.
The US also commended Bangladesh on its admirable response to the Covid-19 pandemic and highlighted Bangladesh’s role as a global climate leader.
Both sides emphasized the importance of delivering on and strengthening existing commitments in the lead-up to COP 27
The meeting participants celebrated the strong and growing economic partnership between the US and Bangladesh in the 50 years of bilateral relations between the countries, and the US said Bangladesh has the potential to be a regional leader in digital trade.
Furthermore, the US appreciated steps taken by Bangladesh to adopt a transparent regulatory environment to secure broad-based foreign investment in its bourgeoning digital economy sector.
Bangladesh welcomed investment from US firms in Bangladesh, including in the renewable energy, telecommunications, and agricultural and food processing sectors and to its economic zones.
Bangladesh warmly welcomed the concept of a US-Bangladesh Women’s Council, which would enhance women’s employment, entrepreneurship, and access to educational opportunities in support of a more equitable future.
The US acknowledged Bangladesh’s progress with respect to workers’ rights, such by instituting safety reforms in the garment export sector, simplifying trade-union registration, developing a publicly accessible trade-union database, establishing helplines to receive complaints, digitalizing labour inspection and strengthening labour courts.
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