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Dhaka urges Congressmen to back free market access bill

US Trade Show 2005 opens

STAR BUSINESS REPORT
Foreign Minister M Morshed Khan yesterday urged American Congressmen to back a bill in US Congress seeking duty-free market access of products from Bangladesh and 13 other least developed countries (LDCs) to the US.
The bill titled "Trade Relief Assistance for Developing Economies (TRADE)" was scheduled to be placed in the lower chamber of the Congress Wednesday. It was introduced in the US Senate on January 26 this year.
Having inaugurated the US Trade Show 2005 in Dhaka, the foreign minister said Bangladesh
will ink Trade and Investment Framework Agreement (Tifa) with United States soon to promote trade and investment.
The Tifa draft has been finalised after last leg of negotiations in Dhaka that ended on Tuesday setting stage for a platform to talk trade issues with the world's largest economy.
"The trade relation between our two nations is deepening," the foreign minister said referring to developments in Tifa and duty free access bill.
American Chamber of Commerce in Bangladesh (AmCham) and US Embassy in Bangladesh have jointly organised the 14th edition of the three-day US
Trade Show 2005 at Dhaka Sheraton Hotel. US Ambassador Harry K Thomas was present at the opening function.
Morshed said US has a big prospective market here as acceptance of foreign goods and services among Bangladeshi consumers is highest in the region.
"Even though we have trade deficit, we have a liberal import policy. Bangladesh has most liberal trade and investment policy in South Asia region," Morshed Khan said.
Speaking at the function, US envoy said American products are of highest quality in the world at an affordable price. Pointing at about $2 billion trade imbalance with
Bangladesh, he said, "we must redouble our efforts to bridge the trade gap."
Bangladesh enjoys a favourable position in trade with US. In 2003-04 US exported $281 million worth of products to Bangladesh, while it imported $2.3 billion, making a more than $2 billion trade deficit. US is also the largest investor in Bangladesh, with a total investment topping $1.4 billion.
He said the Bangladesh Road Show to be held in big US cities in May will help Bangladeshi businesses find trading and joint investment partners.
AmCham President Aftab ul Islam said this year's exhibition will
be the largest US trade show ever held in Bangladesh.
"The number of participants has increased by 10 percent this year as more American companies are showing interest in Bangladesh market. A total of 75 exhibitors occupying 124 booths will take part in the exhibition," he said.
The show will remain open between 10:00am and 8:00pm from February 16 to February 18. The entry fee is fixed at Tk 10.
AmCham Vice-President Andrew Fawthrop and Executive Director A Gafur and officials of participating US companies were also present at the inaugural ceremony.