US, Bangladesh Reach Trade Deal
Under the deal, exports to the US will face a tariff rate of 19%, which is 1% lower than the 20% rate introduced in August, according to reports.
Washington has also agreed to create a mechanism allowing certain Bangladeshi textile and apparel products made with US-produced cotton and man-made fibers to enter the American market with zero tariffs, interim government chief adviser Muhammad Yunus said in a post on X.
Earlier this month, neighboring India concluded its own trade agreement with the US, setting an 18% tariff rate, though without offering a similar exemption for apparel exports.
As part of the agreement, Bangladesh will grant preferential market access to US industrial and agricultural products, including American farm and food goods, according to a statement from the White House.
Dhaka will also eliminate tariffs on poultry, pork, seafood, rice, corn, and cereal grains. Duties on certain US products, such as almonds, will be gradually reduced to zero over a period of five to ten years.
Bangladesh Airlines is set to purchase 14 Boeing aircraft, while Dhaka will also acquire an unspecified quantity of US military equipment.
The agreement, reached just four days before Bangladesh’s national elections, has sparked criticism from several quarters, according to reports
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
