Interim Government to Sign Customs Agreement with USA Days Before National Election

Although a consensus was reached in August regarding the 20% retaliatory tariff imposed on Bangladesh, no formal agreement was signed at that time. This upcoming visit aims to finalize and formalize that understanding. Sources from the Ministry of Commerce confirmed this information on Sunday.

Commerce Adviser Sheikh Bashiruddin and Commerce Secretary Mahbubur Rahman are scheduled to leave Dhaka on February 5. Their itinerary includes a stop in Tokyo, Japan, where the Bangladesh-Japan Economic Partnership Agreement (BJEPA) will be signed on February 6. From there, the delegation will proceed to Washington. Commerce Secretary Mahbubur Rahman confirmed that summaries for the draft agreement and approval of the date have already been processed. While the current retaliatory tariff stands at 20%, the exact reduction following this agreement remains to be confirmed until the official signing.

Regarding the EPA with Japan, the agreement will grant 7,379 Bangladeshi products duty-free access to the Japanese market from day one, while 1,039 Japanese products will receive similar benefits in Bangladesh. Addressing concerns about the recent Free Trade Agreement (FTA) between India and the European Union, the Commerce Secretary stated that there is no cause for alarm. He emphasized Bangladesh's position as the world's second-largest garment exporter and noted that the country’s manufacturing strengths and trade dynamics with India ensure its continued competitiveness in the global market.