Bangladesh is set to receive zero-duty benefits on 90 per cent of its exports to the United States, Trade Adviser Sheikh Bashiruddin announced on Tuesday.
Speaking at a briefing at the ministry on, the Adviser described the new tariff agreement as a “major achievement,” even though the US remains uninterested in a full Free Trade Agreement (FTA).
He noted that bringing down US tariffs on Bangladeshi goods to 19 per cent represented a significant milestone.
“As a result of the tariff agreement, it can be said that overall, the US will provide zero-duty benefits for 90 per cent of Bangladeshi product exports. I do not know if any other country in the world has been able to secure such a trade deal,” the Adviser stated.
Bangladesh currently exports goods worth over Tk 1 lakh crore to the US, with 86 per cent of that volume coming from the readymade garments (RMG) sector.
Under the agreement, the Trump administration will provide duty-free facilities for garments manufactured using US cotton and synthetic fibres.
Bashiruddin highlighted that the deal is expected to significantly increase the export of RMG, textiles, and yarn. He also clarified that the agreement includes a specific clause allowing a future elected government to withdraw from the deal if it so desires.
Addressing domestic concerns, the Adviser spoke regarding inflation and the upcoming month of Ramadan. “The general public will evaluate our work based on the market prices during Ramadan,” he said, adding that overall inflation is currently decreasing.
He further claimed that the government has taken necessary steps to ensure that a future elected government can reduce the price of edible oil and keep the market for essential commodities tolerable.
Reflecting on previous market challenges, the Adviser alleged that under the direction of Sheikh Hasina, several institutions, including the S Alam Group, had held the essential goods market hostage. He also asserted that the current government has carried out joint operations against corrupt individuals.
