US reciprocal tariff likely to reduce further: Commerce adviser

Commerce adviser Sheikh Bashiruddin has said the trade deficit between Bangladesh and the US now stands at around USD 6 billion.

If this can be reduced, then there is a chance to further lower the reciprocal tariff to below 20 per cent, he added.

The commerce adviser said this at a press conference following the meeting with the US delegation led by US assistant trade representative Brendan Lynch.

National security adviser Khalilur Rahman, commerce secretary Mahbubur Rahman and top government officials were present at the meeting.

The US delegation arrived in Dhaka today, Sunday on a three-day-visit to finalise the trade agreement between the two countries

On the matter, Sheikh Bashiruddin said that discussions have taken place on the progress of commitments to increase purchases of certain products from the US to reduce the trade deficit between the two countries.

Apart from agricultural and energy products, commitments have also been made regarding aircraft purchases. Progress on these purchases has been satisfactory.

Sources at the Ministry of Commerce say that during their visit to Dhaka, the US trade delegation will hold meetings not only with the Ministry of Commerce but also with the office of the chief adviser of the interim government, foreign affairs adviser Md Touhid Hossain, and foreign secretary Asad Alam Siam.

On 7 August, the United States implemented a reduced retaliatory tariff of 20 per cent on Bangladeshi products. However, no formal agreement has yet been reached with Washington.

Bangladesh aims to secure a deal that would bring the tariff down to at least 15 per cent. For this purpose, the Ministry of Commerce requested a meeting with the US Trade Representative (USTR), and in response, a delegation led by Assistant USTR Brendan Lynch, responsible for US trade policy in South and Central Asia, has come on a visit to Dhaka.

It has been learnt that a draft trade agreement has been prepared based on discussions with USTR officials. If both sides reach a consensus during the new negotiations, the draft will be revised accordingly and finalised.