Interim govt to sign tariff agreement with US 3 days before election
The interim government is set to sign a tariff agreement with the United States three days before the upcoming national parliamentary election.
The agreement is scheduled to be signed on 9 February in Washington, United States. Bangladesh’s delegation will be led by commerce adviser Sk Bashir Uddin.
Although the two countries reached an understanding last August regarding the 20 per cent reciprocal tariff imposed on Bangladesh, a formal agreement was not signed at that time. That agreement is now set to be finalised and signed in Washington, DC.
To conclude the agreement with the US, commerce adviser Sk Bashir Uddin and commerce secretary Mahbubur Rahman will depart Dhaka on 5 February.
They will first travel to Japan. On 6 February, the Bangladesh–Japan Economic Partnership Agreement (BJEPA) will be signed in Tokyo, the capital of Japan.
From there, they will proceed to Washington. Officials at the Ministry of Commerce confirmed this information to the media today, Sunday.
Speaking to journalists at the secretariat today, commerce secretary Mahbubur Rahman said, “We have received the date, 9 February, from the United States. We have sent a summary seeking approval of the draft agreement and for its signing on that date.”
When asked what the reciprocal tariff rate might be, the commerce secretary said, “It is currently at 20 per cent. Some countries face the same rate, while others face a higher rate. We are hopeful that the rate will be reduced somewhat. However, we cannot say for certain until before 9 February.”
The government has not made any official statement regarding the agreement with the United States.
Regarding the Economic Partnership Agreement (EPA) with Japan, the Ministry of Commerce had stated at a press conference on 22 December that once the agreement is signed, 7,379 Bangladeshi products will enjoy duty-free access to the Japanese market from the very first day.
On the other hand, 1,039 Japanese products will receive immediate duty-free access to the Bangladeshi market, it added.
Is the government concerned about India–EU agreement?
When asked whether the government is concerned about the recently signed Free Trade Agreement (FTA) between India and the European union (EU), the commerce secretary said, “There is nothing to be concerned about.”
Stating that Bangladesh has built capacity in the ready-made garment sector and is the world’s second-largest exporter in this sector, he further said, “India, meanwhile, is very strong in textiles. They have a strong position globally. We also import raw materials from them.”