Commerce Minister Khandakar Abdul Muktadir has made it clear that there is no scope to cancel the trade agreement signed with the United States during the interim government’s tenure, though clauses contrary to Bangladesh’s interests can be amended.
Foreign Minister Khalilur Rahman, meanwhile, urged a comparative reading of Bangladesh’s agreement with similar deals signed by other countries, saying a full picture cannot be understood without such analysis.
Commerce Minister Muktadir made the remarks on Tuesday at the Secretariat while responding to questions from journalists amid criticism and protests by various organisations calling for the deal’s cancellation, which was signed towards the end of the Yunus government’s tenure.
The foreign minister, who took part in negotiations for the deal in his role as the interim government’s security adviser, spoke to reporters after a meeting with a visiting US delegation at the State Guest House in Dhaka.
Muktadir also briefed journalists after a meeting with US Assistant Trade Representative for South and Central Asia Brendan Lynch at the commerce ministry. According to a ministry statement, the meeting discussed strengthening Bangladesh–US trade and investment ties and other issues of mutual interest.
“An agreement between states is not like a personal contract that can be cancelled at will. This is a reality, and we want to use it in the best possible way to expand the country’s trade and investment,” he said.
He also noted that the current government did not initiate the agreement but inherited it as part of state continuity.
“If any clause of the agreement goes against Bangladesh’s interests, there is scope within the agreement itself to amend it,” he added.
‘No reason for undue concern’
The interim government signed the agreement on 9 February, three days before the national election, and economic research bodies have since assessed it as not being favourable to Bangladesh.
According to a report by the daily Prothom Alo, Bangladesh must comply with 131 conditions under the deal, while the United States has only six obligations.
Under the agreement, Biman Bangladesh Airlines will purchase more passenger aircraft, parts and services from the US. A deal has already been signed to buy 14 Boeing aircraft at a cost exceeding Tk35,000 crore, which analysts say could put financial pressure on the airline.
The agreement also requires Bangladesh to import liquefied natural gas worth $15 billion over 15 years, at least 700,000 tonnes of wheat annually over the next five years, and soybeans worth $1.25 billion, bringing the combined value to about $3.5 billion.
There are also provisions requiring increased purchases of US military equipment and reducing imports from certain countries, along with restrictions on subsidies for products that may go against US interests.
Additionally, Bangladesh will have to consider US interests when entering into free trade or digital trade agreements with other countries and when sourcing nuclear technology or energy.
Referring to provisions for amendments or adjustments within the agreement, the commerce minister said, “There is no reason for excessive concern or panic over this.”
“Any international agreement is built through coordination between two parties. It is designed to create a win-win situation by considering the interests of both sides,” he added.
He also said the United States has initiated an investigation process and Bangladesh has sought clarification.
“We have clearly stated that it would have been more positive if such an investigation had not been initiated in the context of the existing agreement,” he said.
‘Read deals of other countries as well’
Responding to a question from journalists on whether the US had imposed conditions on Bangladesh, the foreign minister said comparisons were essential.
“When you read Bangladesh’s agreement, you should read it alongside those of Indonesia, Vietnam, Cambodia and others. Only then you will understand it properly,” he said.
“All these agreements are now available in the public domain. Compare the purchase commitments of others with ours. See collectively what we have gained and what we have not,” he added.
