Strategic Trade Pact with US Set for Signing Just Three Days Before Election
The formal signing ceremony is scheduled for Monday, February 9, in Washington, D.C. Speaking at a press conference at the Secretariat today, Commerce and Civil Aviation Adviser Sheikh Bashiruddin defended the timing of the deal, asserting that it aims to unburden the incoming elected government from complex international trade pressures and tariff negotiations.
The agreement comes amid significant public and political debate regarding its confidentiality, as the government previously signed a Non-Disclosure Agreement (NDA) with the US concerning the contract's specific terms. Addressing these concerns, Sheikh Bashiruddin explained that the secrecy is a strategic necessity to avoid the diplomatic embarrassments of the past, where leaked details allegedly hampered Bangladesh's bargaining power. He noted that while the US had initially imposed a 37% reciprocal tariff on Bangladeshi exports, successful negotiations have already brought that figure down to 20%, with hopes of further reductions—specifically targeting zero-tariff access for the readymade garment sector—following tomorrow's signing.
A central component of this economic package is a multi-billion dollar deal with the American aerospace giant Boeing. To secure its trillion-taka export market in the US and address a $6 billion trade deficit, Bangladesh has committed to purchasing 25 new aircraft for Biman Bangladesh Airlines. The estimated cost for this procurement ranges between Tk 30,000 to Tk 35,000 crore. Although the US administration had proposed a larger fleet of 47 aircraft, the interim government has finalized the purchase of 25 for now. The Adviser emphasized that this "strategic diplomatic decision" is intended to foster long-term bilateral ties and ensure market stability for Bangladeshi products in the United States.
