US-Bangladesh TIFA (draft)
Sensitive But Unclassified
Attachment B
USG Counterproposal/January 30, 2005
DRAFT TRADE AND INVESTMENT FRAMEWORK AGREEMENT BETWEEN THE UNITED STATES OF AMERICA AND The PEOPLE’S REPUBLIC OF BANGLADESH
AGREEMENT BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND THE
GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH CONCERNING THE DEVELOPMENT
OF TRADE AND INVESTMENT RELATIONS
The Government of the United States of America and the Government of The People’s Republic of Bangladesh (individually a “Party” and collectively the “Parties”)
1. Desiring to enhance the bonds of friendship and spirit of cooperation between the two countries;
2. Determined to work towards greater well-being for their peoples, through increased trade and investment;
3. Desiring to promote further both countries’ international trade arid economic interrelationship;
4. [Desiring to promote transparency and to in international trade and investment.]
5. Recognizing the importance of fostering an open, [predictable and congenial] environment for international trade and investment;
6. Recognizing the benefits to each Party resulting from increased international trade and measures and protectionist trade barriers wou1d deprive the Parties of such benefit.
7. Taking into account the membership of the two countries in the World Trade Organization (WTO) and noting that this Agreement is without prejudice to each Party’s rights and obligations, where applicable, under tire Marrakesh Agreement Establishing the WTO and the agreements, understandings, and other instruments relating thereto or concluded under the auspices of the WTO;
8. Recognizing the essential role of private investment, both domestic and foreign, in furthering growth, creating jobs, expanding trade, improving technology, and enhancing economic development;
Recognizing that foreign direst investment may confer positive benefits on each Party;
9. Desiring to encourage and facilitate private sector contacts between the two countries;
10. Recognizing the desirability of resolving trade and investment problems as expeditiously as possible;
11. [Acknowledging the Treaty between the United States of America and the Peop1e’s Republic of Bangladesh Concerning the Reciprocal Encouragement and Protection of Investment signed on March 12, 1986 (“Bilateral Investment Treaty”)]
12. Noting that this Agreement is without prejudice to the rights and obligations of the Parties under the treaty cited in the preceding paragraph 11;
13. Recognizing the increased importance of trade in services in their economies and in their bilateral relations;
14. Taking into account the need to eliminate non-tariff barriers in order to facilitate greater access to the markets of both countries and the mutual benefits thereof;
15. Recognizing the importance of providing adequate and effective protection and enforcement of intellectual property rights [obligations contained in the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) and other intellectual Property rights conventions.] adherence
16. Recognizing the importance of providing adequate and effective protection and enforcement of worker rights in accordance with each nation’s own labor laws and of improving the observance of internationally recognized core labor standards
17. Desiring to ensure that trade and environmental policies are mutually supportive in the furtherance of sustainable development;
18. Desiring that this Framework Agreement reinforce the multilateral trading system by strengthening cooperative efforts to complete successfully the Doha Development Agenda; and
19. Considering that it would be in their mutual interest to establish bilateral mechanism between the Parties for encouraging the liberalization of trade and investment between them.
To this end, the Parties agree as follows:
ARTICLE ONE
The Parties affirm their desire to promote an attractive investment climate and expand trade in goods and services, consistent with the terms of this Agreement. They shall take appropriate measures considering their economics and needs, to encourage and facilitate the exchange of goods and services and to secure favorable conditions for long-term development and diversification of trade between the two countries.
ARTICLE TWO
The Parties shall establish a United States-Bangladesh Council on Trade and Investment hereinafter referred to as “The Council,” which shall be composed of representatives of both Parties. The side of Bangladesh will be chaired by the Commerce Secretary of the Ministry of Commerce; and the U.S. side will be chaired by [the Office of the United States Trade Representative (USTR).] Both Parties may be assisted by officials of other government entities as circumstances require. The Council will meet at least once a year and at such times as agreed by the two Parties. Tire Council may establish Joint Working Groups that may meet concurrently or separately to facilitate its work.
ARTICLE THREE
The objectives of the Council are as follows:
1. To monitor trade and investment relations, to identify opportunities for expanding trade that may be appropriate for negotiation in an appropriate forum.
2. To hold consultations on specific trade matters, and those investment matters not arising under the relevant Bilateral Investment Treaty, of interest to the Parties.
3. To identify and work toward the removal of impediments to trade and investment flows.
4. To seek the advice of the private sector, where appropriate; in their respective countries on matters related to the work of the Council.
ARTICLE FOUR
The Council may meet at the request of either Party on u mutually convenient date and at an agreed location to consider any trade matter or investment issue not arising under the Bilateral Investment Treaty between them and to attempt to resolve differences through consultations before taking actions that could adversely affect trade or investment.
ARTICLE FIVE
This agreement shall be without prejudice to the domestic Jaw of either party or the rights and obligations of either party under any other agreement to which it is a party.
ARTICLE SIX
The Agreement shall enter into force on the date of its signature by both Parties.
ARTICLE SEVEN
This Agreement shall remain in force unless terminated by mutual consent of the Parties or by either Party upon six months written notice to the other Party.
Sensitive But Unclassified
Attachment B
IN WITNESS WHEREOF, the undersigned, being duly authorized by their respective governments, have signed this Agreement.
DONE at _________________ this ____________ day of 2005
FOR THE GOVERNMENT OF THE UNITED STATES OF AMERICA
FOR THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH
