FROM THE OFFICE OF PUBLIC AFFAIRS

The Treasury Department announced today that delegations from the United States and the People's Republic of Bangladesh have reached agreement on the text of a treaty for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The text of the treaty was initialed by the heads of the two delegations.

The initialing of the Agreement indicates the recommendation of the negotiators that the governments sign the Convention as promptly as possible and complete the steps necessary in each country to bring the treaty into force. In the United States, this requires that the signed treaty be transmitted to the Senate for its advice and consent to ratification. If the Senate gives such advice and consent, and the treaty enters into force, it will be the first such agreement between the two countries.

The text of the treaty will be made public after signature.