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Clinton's visit

Dhaka may ask for debt relief, MOU on free trade

By Shehab Ahmed
Bangladesh is likely to seek a debt relief of more than 700 million dollars it owes to United States under PL (Public Law) 480 food aid programme during President Bill Clinton's visit.
The relief Is being sought under the provisions of the US Tropical Forests Act. 1990, said a source at ministry of envi -ronment and forests yesterday.
It provides for compensation for destruction of the tropical forests across the globe due to activities in US and by Ameri -can companies, the source added.
The ministry has sent letters to the ministry of foreign af-
fairs and the external relations division of the ministry of finance. the source said.
The letter pointed out the relevant sections of the US law and advised that the debt relief could be sought under the criteria.
Under PL-480 Bangladesh receives food aid used for food for work and other related programmes.
Meanwhile. UNB reports: Dhaka will ask for a memoran -dum of understanding (MOU) on free trade between Bangladesh and USA during Clinton's visit here.
"We'll approach
Bangladesh's trade with US
from a positive perspective dun ing the maiden visit of the US president," Commerce Minister Abdul Jalil told the news agency yesterday.
Government officials were reportedly discussing the possibility of a Dhaka-washlnjgton MOU on free trade during Clinton's tour.
The minister, however, re -Trained from making any direct comment. He only said nothing had been finalised.
"We are discussing all the possibilities and opportunities. Not only free trade, we will also approach the US President for Increased quota for garments and extension of the MFA." Jalil said.
Bangladesh enjoys quota facility for export of garments to the US market following the multi-fiber arrangement (MFA). The arrangement expires on December 31. 2004. ending the quota facility.
The commerce minister said Bangladesh would get more op -portunities In export to USA if a free trade arrangement was possible. "We want to explore the opportunity through the visit of the US President.
The business community also feels that free trade be -tween Dhaka and Washington will significantly benefit the country s export business.
"It will be a golden opportu -nity for our exporters, specially in garment sector." said Dhaka Chamber of Commerce and In -dustry President Aftab-ul-ls*
Referring to bilateral trade.
with the balance in favour of Dhaka, he said free trade would also open new windows of export to the United States bene -'fifing Bangladesh’s economy.
Officials said at present. Bangladesh enjoys a favourable bilateral trade with ’USA. Dhaka's annual exports to Washington, mainly garments, fetch 2 billion dollars against imports worth 400 million dollars.
Aftab also said Bangladesh should propose US Investment In software service sector.
"There Is a market of 200 billion dollars In the sector. India and the Philippines already Joined it. US entrepreneurs can Invest in the sector which will also employ thousands of edu -cated youths."
As V-SAT has been opened, he said, this Is high time to at -tract US and other foreign investors to come to Bangladesh and invest in the software service.