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Business Initiative Leading Development (BUILD), a private sector think tank, has called for stronger public-private consolidation to safeguard the country's interests in response to the potential shock from the recently announced US tariff hikes.
BUILD also emphasised conducting a comprehensive review of tariff implications involving government, private sector stakeholders, and trade experts.
The think tank announced these recommendations through a media statement issued on Tuesday.
"The US tariff reform process should be expedited, and various pending reforms for trade facilitation should be accelerated," stated Abul Kasem Khan, Chairperson of BUILD.
"Immediate dialogue and remedial measures are essential to protect jobs and economic stability," he added.
BUILD proposed advocacy under the WTO Trade Facilitation Agreement (TFA) to strengthen Bangladesh's negotiating position, despite the US administration's historical reluctance to fully comply with WTO norms.
"A Special Committee comprising members and experts from the public and private sector can be formed soon by the government," the statement reveals.
It stated that Bangladesh is pursuing policy reforms to address systemic issues, stabilise the macroeconomy, boost trade, and strengthen manufacturing by modifying fiscal and monetary policies, diversifying exports, and enhancing financial stability.
The government is also working on trade facilitation, simplifying NOC and registration processes, and reforming digital laws, but current tariff impositions hinder the economy and investment climate.
BUILD also expressed concerns about a significant impact on investment, as private sector entrepreneurs have already begun receiving requests to postpone work orders in the RMG, leather, and other sectors.
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