Bangladesh`s ambassador, Akramul Qader, called the deal “the opening of a new chapter” in relations between the two nations and said it would help Dhaka regain trade privileges from the United States. NAFTA. In the 1990s, with the rise of Bill Clinton to the White House, the Democrats took over the mantle of free trade. Republican President George Bush Sr. launched the North American Free Trade Agreement in 1991, which expands open markets. But it was Clinton, a Democrat who, in 1993, pushed a skeptical American public and an equally questionable Democratic Congress to support NAFTA. When the North American Free Trade Agreement was passed, Clinton promised that NAFTA would increase the existing trade surplus and create 200,000 new American jobs in the first two years and one million jobs within five years. BD-US trade: GSP, free trade agreement not in the near future By Asjadul Kibria The idea that it is acceptable to outsource employment and sacrifice manufacturing to the overall growth of the economy – or to import cheap products with a growing trade deficit because it is best for our consumers – is irrational. It`s also irrational to think that we can buy more than we can sell forever. “It is possible that free trade maximizes the wealth of a minority of individuals and the global community, while destroying the nation and its social stability,” says author Roger Simmermaker in his unconstitutional book. Economists seem to think we could lose jobs and some industries, but overall, free trade leads to greater economic prosperity for all. What these claims do not reveal is that manufacturing is being sacrificed to achieve the goal of growth and prosperity. Over the past 30 years, Republican and Democratic leaders have systematically traded manufacturing industries and the jobs of American workers in exchange for promoting the interests of American international investors.
The Dhaka State Department said the Trade and Investment Cooperation Forum Agreement (TICFA), signed in Washington, would pave the way for regular discussions on trade and labor issues in the wake of a series of disasters that have staged the appalling conditions of Dhaka`s $22 billion garment industry. Bourdreaux theorized that a growing trade deficit is indeed positive and testifies to investor confidence. If a U.S. trading partner artificially represses its currency, the U.S. could see a larger deficit, “but this practice hurts the trading partner, not the U.S.” Given that the future of the WTO is bleak and the Doha Round is likely to be buried, it is clear that Bangladesh does not seem to have any hope of gaining duty-free market access in the US market. U.S. trade policy under the Trump regime has clearly set aside the multilateral trade negotiation process and called for a bilateral agreement. To benefit from preferential treatment in the United States, the bilateral free trade agreement (NAFTA) will therefore be the only option. Republican and Democratic leaders have systematically traded manufacturing and the jobs of American workers. .