Bangladesh and the United States expressed their hope for maintaining a fair procurement process following the government procurement rules to facilitate the expansion of the US trade and investment in Bangladesh.
The two countries said this in a joint statement released on Tuesday on issues discussed by two sides on a web platform on September 30.
The two sides underscored the need for implementing reforms for continued improvement of the investment climate for US-sourced foreign direct investment, including initiating stakeholders’ consultations on ongoing reforms like competitive payment mechanism and insurance market liberalisation, posting all new publicly available regulations and bills in English, and streamlining bureaucratic processes for repatriating profits.
The Bangladesh side also welcomed an intention of the US to open a Foreign Commercial Service Office in Dhaka, as well as the continuation of a USAID project that would contribute to further improving Bangladesh’s business environment including customs administration, agricultural and other areas in trade, risk management, regional connectivity, and awareness and transparency of trade policies and procedures.
The two sides underscored the importance of effective import and export regimes to protect consumers from risks resulting from falsified or unlicensed products and services.
The sides expressed hope for working together to realise a vision of a free, open, inclusive, peaceful and secure Indo-Pacific region with shared prosperity for all.
US under-secretary for economic growth Keith Krach and Bangladesh prime minister’s adviser for private industry and investment Salman F. Rahman co-chaired the meeting.