The reciprocal tariff for Bangladesh to the USA has been mounted at 19 p.c, down from the prevailing 20 p.c, as Bangladesh and the USA tonight signed a commerce settlement, Commerce Secretary Mahbubur Rahman informed The Every day Star after the signing.
The USA has granted duty-free or decrease obligation entry to 2,500 Bangladeshi merchandise, whereas Bangladesh allowed 4,400 American merchandise both duty-free or at decrease obligation, the commerce secretary additionally stated.
Garment objects comprised of imported American cotton are allowed zero obligation on export to the USA, Rahman added.
Pharmaceutical merchandise, fisheries, particle board, and all types of meals objects may also get pleasure from duty-free entry to the US market.
On the Bangladesh aspect, the signatories have been Commerce Adviser Sheikh Bashir Uddin and Nationwide Safety Adviser Khalilur Rahman, whereas on the US aspect Ambassador Jamieson Greer, US Commerce Consultant, signed the settlement, based on a press release launched by the Chief Adviser’s Workplace.
Negotiations on the settlement spanned 9 months since April final yr, the assertion learn.
Ambassador Greer lauded Chief Adviser Muhammad Yunus for his overarching management of the negotiation course of and praised the Bangladesh negotiating group for its “unimaginable efforts.”
“This settlement will match Bangladesh into US commerce coverage,” he stated.
After the signing, the commerce adviser, who led the Bangladesh aspect in negotiations, stated: “The settlement marked a traditionally new stage in our bilateral financial and commerce relations. It’s going to present considerably enhanced entry for Bangladesh and the US to one another’s respective markets.”
The US will additional cut back the reciprocal tariff to 19%, which was initially set at 37% and later diminished to twenty% in August final yr.
As well as, the US dedicated to establishing a mechanism for sure textile and attire items from Bangladesh utilizing US-produced cotton and man-made fiber to obtain zero reciprocal tariff within the US market.
“The discount of reciprocal tariff will grant additional benefit to our exporters, whereas zero reciprocal tariff on particular textile and attire exports from Bangladesh utilizing US inputs will give substantial added impetus to our clothes sector,” stated Nationwide Safety Adviser Rahman, who was Bangladesh’s chief negotiator.
The settlement was accredited by the Council of Advisers and might be operational as soon as notifications are issued by the 2 sides.
Current throughout the signing have been the commerce secretary of Bangladesh and Assistant US Commerce Consultant Brendan Lynch.
