Bangladesh Secures Historic Trade Deal with US
Bangladesh achieved a significant diplomatic win as its trade negotiators secured a landmark deal with the US, lowering tariffs on goods from 35% to 20%. The successful negotiations, led by Muhammad Yunus and his team, bolster Bangladesh's competitive stance in the global apparel market.
- Country:
- Bangladesh
In a remarkable diplomatic achievement, Bangladesh's Chief Adviser Muhammad Yunus announced a 'landish' trade deal with the United States. The agreement reduces tariffs on Bangladeshi goods from 35% to 20%, a notable reduction enhancing Bangladesh's trade competitiveness.
Yunus applauded the tireless work of his negotiation team, crediting their strategic skill in securing a deal 17 points lower than expected. The negotiations, ongoing since February, involved navigating complex issues related to tariff, non-tariff, and national security matters.
The agreement positions Bangladesh on par with key competitors in the apparel sector and preserves its economic interests, while Yunus noted that India, unable to secure a similar agreement, faces higher tariffs.
(With inputs from agencies.)
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