Bangladesh Secures Favorable Terms Amid US Import Duty Hikes
Bangladesh has successfully negotiated a 20% tariff rate on exports to the US, preserving its competitiveness in the global apparel market. This agreement helps avoid a potential 35% reciprocal tariff and supports Bangladesh's food security plans through the purchase of US agricultural products.
- Country:
- Bangladesh
In a significant breakthrough, Bangladesh has secured a 20% tariff rate on its exports to the United States, aligning with key competitors in the apparel industry, as per a press release from the Government of Bangladesh. This outcome follows extensive negotiations and ensures that the nation's relative competitiveness remains intact.
"We negotiated carefully to ensure that our commitments aligned with our national interests and capacity," stated Khalilur Rahman, Bangladesh's National Security Advisor and lead negotiator. He emphasized that protecting the apparel industry was crucial, while commitments to purchasing US agricultural products would bolster food security and build goodwill with American farming states.
US President Donald Trump's announcement of new import duties of up to 41% on imports from 70 countries underscores the complexity of trade negotiations. Bangladesh's success in securing favorable terms reflects its commitment to addressing US concerns on non-tariff barriers, trade imbalances, and security issues, thereby opening access to the US market.
(With inputs from agencies.)
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