Commerce Adviser Sk Bashir Uddin on Tuesday said efforts are underway to reduce the 20% reciprocal tariff imposed by the United States on Bangladeshi exports to 15%.
“There is a collective effort from all levels of the government to bring down the tariff from 20% to 15%. Discussions with the United States are still going on and the adjustment could happen before the final agreement is signed,” he said.
The adviser was speaking at a press briefing held at the Secretariat after a meeting on setting the export target for the fiscal year 2025-26.
He said Bangladesh has taken several measures to address the trade deficit with the United States and expressed optimism that these efforts could help secure a reduction in the tariff. “We cannot confirm anything at this point, as the final decision ultimately rests with the US authorities,” he added.
Sk Bashir, however, said no specific date has been set yet for a final agreement with the United States.
US, China extend trade truce by 90 days, delaying tariff showdown
On August 1, the United States reduced the tariff on Bangladeshi goods to 20 percent, down from 35 percent, after high-level negotiations in Washington.
Negotiations between the two countries are still going on and a deal may be finalised by the end of this month.
The Office of the United States Trade Representative (USTR) is currently making the draft of the agreement.
Responding to a question, whether onions will be imported due to its recent price hikes from India, the adviser said it depends on supply and demand. “Imports will not be limited only to India. Traders will be allowed to import onions from wherever they can procure them at lower prices,” he said.
“Our main goal is to reduce the price of onions and increase supply and for this, onions will be imported from wherever they can be obtained at a lower price,” the adviser added.
Commerce Secretary Mahbubur Rahman, Chairman of the Bangladesh Trade and Tariff Commission Dr Moinul Khan, Additional Secretary (Export) Abdur Rahim Khan, Additional Secretary (WTO) Dr Nazneen Kauser Chowdhury and Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Mohammad Hatem were also present at the press briefing.