The third round of tariff talks between Bangladesh and the United States is scheduled for later this month, said Commerce Adviser Sk Bashir Uddin on Monday.
At his first press conference after returning from Washington, held at the Secretariat, he expressed confidence regarding the outcome of the upcoming discussions, following a positive second round of talks.
“We returned from the United States yesterday (Sunday) after completing the second round of discussions,” said Sk Bashir Uddin.
“Today, we have met with stakeholders to review various aspects of the talks. We are now preparing for the third round, which will take place later this month, and we are hopeful of a positive result,” he said.
The commerce adviser emphasised that the discussions with the US were productive, with multiple key meetings held, including one with the US secretary of commerce. Sk Bashir Uddin also met with 35-40 negotiators involved in the tariff talks and expressed optimism that Bangladesh would receive a fair tariff rate on its exports.
“We have received valuable advice and are optimistic that the US will set a reasonable tariff rate for Bangladesh’s exports,” he said.
Regarding tariff rates, Bashir Uddin highlighted that Bangladesh had been operating in the US market at competitive prices since 2015, when the country began paying tariffs.
“Our businesses operate based on their own capabilities, and if no discriminatory position is taken against us, our exporters will continue to succeed,” he added.
When asked about what constitutes a “reasonable” tariff rate, Sheikh Bashir Uddin responded, “Zero.”
Commerce Secretary Mahbubur Rahman, Additional Secretary (WTO) Dr Nazneen Kawshar Chowdhury, Economist Dr Selim Raihan, Export Promotion Bureau Vice Chairman Anwar Hossain, Federation of Bangladesh Chambers of Commerce & Industry Administrator Md Hafizur Rahman, BGMEA President Mahmud Hasan Khan, BKMEA President Mohammad Hatem, President of the Bangladesh Chamber of Industries Anwar Ul Alam Chowdhury (Parvez), and Leathergoods and Footwear Manufacturers & Exporters Association of Bangladesh President Syed Nasim Manzur attended the event.
Bangladeshi exporters are increasingly worried about losing their competitive edge in the US market if the government fails to negotiate the 35% additional duty President Donald Trump announced for Bangladesh, set to be effective from August 1.
Competitor Vietnam has already secured a 20% tariff for their goods to the US market.
The United States is the largest single market for Bangladesh, as it purchases 18% of the country’s $48 billion in exports. Exporters fear a potential 30% drop in apparel exports to the US market if the 35% duty cannot be averted.