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Bangladesh advances towards strengthening its mutually beneficial trade relationship with the United States, opening the door to greater market access and new opportunities for its vital textile and apparel sector.
A spokesperson for the interim government's Chief Adviser Office Saturday broke the news in Dhaka, following a follow-up trade negotiation with the United States in the US capital.
In response to a request from National Security Adviser Dr Khalilur Rahman, who is currently on a visit to Washington, DC, US Trade Representative Ambassador Jamieson Greer has agreed to raise with President Donald Trump the possibility of reducing Bangladesh's current 20-percent reciprocal tariffs to a rate commensurate with regional competitors'.
"Even more significantly, both sides have developed an innovative and forward-looking solution to support Bangladesh's export priorities," says the spokesman about the fresh tradeoff under a proposed preferential trade scheme.
Under a proposed preferential scheme discussed yesterday (Friday) by Dr Rahman and Ambassador Greer, Bangladesh would receive tariff-free access to the US market for textile and apparel exports equivalent to its imports of US-produced cotton and man-made fiber (MMF) textile inputs, measured on a square-meter basis, he adds.
"This creative, win-win approach strengthens bilateral trade, supports Bangladeshi manufacturers and workers, and deepens supply-chain ties with US producers," it is stated.
It reflects growing momentum and goodwill in US-Bangladesh economic relations and marks a promising new chapter for Bangladesh's global trade prospects, the government notes about the latest developments in the aftermath of the Trump tariff tempest which is roiling global trade order.
mirmostafiz@yahoo.com