The US has announced a plan to impose a 35 percent trade tariff on Bangladesh, a slight reduction from the 37 percent rate initially proposed.
But we badly need reduced tariff rate than our apparel competitors such as Vietnam, which recently secured a 20 percent rate. While for Pakistan the US is saying it’s 29%; but Pakistan is hoping they could settle it at 10%.
So, Bangladesh needs to secure a more favourable bilateral agreement by the Aug 1 deadline. A Bangladeshi delegation remains in Washington for last-ditch talks with the US Trade Representative’s office.
In 2024, Bangladesh’s export to the USA was $8.4 billion, including our $7.34 billion RMG export. In the same year, Bangladesh’s imports from the USA was $2.2 billion.
So much depends on our negotiators in the next few days!
Author: Ashikur Rahman (Tuhin), Former Director of BGMEA and MD, TAD Group.
