U.S.- Bangladesh High-Level Economic Consultation & More News Here

The following is the textual content of a joint assertion by the Governments of the United States of America and Bangladesh.

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On June 2, 2022, U.S. Under Secretary of State for Economic Growth, Energy, and the Environment, Jose W. Fernandez, and Adviser for Private Industry and Investment to the Honorable Prime Minister of Bangladesh, Salman F. Rahman, MP, convened and co-chaired the Second U.S.-Bangladesh High-Level Economic Consultation in Washington, DC.

1. Strengthening Business/Commercial Engagement

The assembly members celebrated the sturdy and rising financial partnership between the United States and Bangladesh, a spotlight of our 50 years of bilateral relations.  The United States highlighted Bangladesh’s evident potential to be a regional chief in digital commerce and famous with appreciation steps taken by Bangladesh to undertake a clear regulatory surroundings to safe broad-based international funding in its bourgeoning digital financial system sector.

Bangladesh welcomed funding from U.S. corporations in Bangladesh, together with within the renewable vitality, telecommunications, and agricultural and meals processing sectors and to its financial zones.  Bangladesh warmly welcomed a U.S. idea of a U.S.-Bangladesh Women’s Council, which would improve girls’s employment, entrepreneurship, and entry to academic alternatives in assist of a extra equitable future. Both sides determined to coordinate extra on implementing present clear industrial insurance policies and constant enforcement of mental property rights in Bangladesh.

2. Labor

The United States acknowledged the Government of Bangladesh’s progress with respect to employees’ rights in Bangladesh in, for instance, instituting security reforms within the garment export sector, simplifying trade-union registration, growing a publicly accessible trade-union database, establishing helplines to obtain complaints, digitalizing labor inspection and strengthening labor courts.  The United States urged Bangladesh to take additional steps to adhere to internationally acknowledged labor rights requirements, together with these developed by Bangladesh for its International Labor Organization (ILO) street map.  Bangladesh expressed its dedication to swiftly go mandatory reforms and totally implement the 4 precedence areas of the ILO street map.  Bangladesh additionally expressed a dedication to handle different areas of labor reform together with enhancing employees’ rights to freedom of affiliation and collective bargaining in export processing zones (EPZs) and step by step in different sectors throughout Bangladesh’s financial system.  Both sides determined that the efficient implementation and enforcement of worldwide labor requirements can assist the economies of each international locations recuperate from the pandemic, broaden financial positive factors, and unlock additional financial potential with different commerce companions by creating a beautiful enterprise surroundings.

Bangladesh expressed curiosity in receiving U.S. growth finance from the International Development Finance Corporation (DFC) for a variety of infrastructure alternatives.  The United States affirmed it could think about Bangladesh’s request whereas emphasizing the necessity for Bangladesh to implement the ILO street map.

3. Climate/Energy/Health

The United States counseled Bangladesh on its admirable response to the COVID-19 pandemic.  Bangladesh has totally vaccinated over 76 % of its inhabitants and partially vaccinated over 99 % of the eligible inhabitants.  Bangladesh expressed gratitude for the over 64 million vaccine doses the United States donated, in partnership with COVAX, to assist Bangladesh’s COVID-19 response efforts.  The United States welcomed Bangladesh’s curiosity within the United States-developed COVID-19 Prioritized Global Action Plan for Enhanced Engagement in order that Bangladesh may share greatest practices with the world on its efficient vaccination of its inhabitants and Forcibly Displaced Myanmar Nationals (FDMN).

The United States additionally highlighted Bangladesh’s position as a world local weather chief.  Both sides emphasised the significance of delivering on and strengthening present commitments within the lead-up to COP 27.  The United States inspired Bangladesh to contemplate becoming a member of the Global Methane Pledge, urge main emitting international locations to do extra on local weather initiatives, and proceed outlining adaptation priorities.  Bangladesh welcomed USAID’s local weather assist, together with a evaluate of embankments to evaluate the feasibility of nature-based options to guard crucial biodiverse areas from degradation.  Bangladesh inspired U.S. corporations to put money into clear vitality to assist Bangladesh advance on its COP nationally decided contribution targets for local weather.

4. Infrastructure/Trade 

Both international locations share a standard imaginative and prescient of a free, open, inclusive, peaceable, and safe Indo-Pacific area with shared prosperity for all.  The United States briefed Bangladesh on the Indo-Pacific Economic Framework (IPEF), and Bangladesh welcomed extra data on the availability chain resilience and decarbonization pillars of the IPEF.  Bangladesh additionally sought U.S. technical help to sustainably discover its ocean sources and additional develop its blue financial system in pursuit of environmental safety and financial prosperity.

Bangladesh highlighted that re-starting continuous flights between New York City and Dhaka is a excessive precedence.   Both sides are dedicated to taking the subsequent steps to maneuver this ahead on the earliest.

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