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Expressing grave concerns, top business leaders Tuesday suggested government's strong negotiations with the USA so that the US tariffs on 'made-in-Bangladesh' goods do not exceed the rates of its competitor countries.
They also requested the authorities concerned not to keep the country's businesses in the dark regarding the US tariff issue and also pressed for appointing lobbyist to address the matter.
The concerns and suggestions came at a meeting of the business leaders with Amir Khosru Mahmud Chowdhury, member of the standing committee of BNP (Bangladesh Nationalist Party), at a city hotel.
Mr Amir Khosru, however, assured the businesses of his party's engagement with the interim government to help resolve the tariff issue through coordinated efforts.
On August 01, US President Donald Trump formally notified Bangladesh about a flat 35-percent tariff to be applicable to all Bangladeshi exports.
Although the US on April 2 announced reciprocal tariffs on several countries, including a 37-percent duty on Bangladeshi products, the US later imposed a 10- percent flat rate for three months that ended on July 09, which extended until August 01.
International Chamber of Commerce in Bangladesh (ICC,B) President Mahbubur Rahman, Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) President Kamran T Rahman, Bangladesh Chamber of Industries (BCI) President Anwar ul Alam Chowdhury, Leathergoods and Footwear Manufacturers and Exporters Association (LFMEA) President Syed Nasim Manzur, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Mahmud Hasan Khan, Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA) President Mohammad Hatem, former FBCCI former president AK Azad, former Bangladesh Textile Mills Association president Tapan Chowdhury, former president of Bangladesh Terry Towel and Linen Manufacturers and Exporters Association chairman Shahadat Hossain Sohel were among others present at the meeting.
During the meeting, the country's top business leaders expressed concerns over "the mindset of some of people within the government who believe that any setback for the country's US8.0 billion worth of exports to US is not so 'significant'," said meeting sources.
"…But it (increased US tariff) has chain effects, especially on employment and other backward- and forward-linkage industries of export-oriented sectors, including textile and garment and related service sectors," they said, preferring anonymity.
There was also a discussion to engage Mr Kihak Sung, Chairman of Youngone Corporation and a pioneer in Bangladesh's readymade garment (RMG) and textile sectors, in the negotiation process with the US regarding tariffs, it was learnt.
After the meeting, Mr Amir Khosru told newsmen that the government of Bangladesh should strengthen its negotiation process with the US authorities in consultation with related stakeholders, including businesses, political parties and industries' leaders.
"If we are unable to resolve or address the issues effectively, our economy, employment, service sectors and industries would be affected. And it is a big matter," he said
Export-oriented sectors have significant contributions to the country's $400 billion worth of GDP, he said, adding that not only exports worth $8.0 billion will be affected, but 1.5 million people will lose their jobs while every family dependent on garment and other export-oriented sectors will be affected, the senior BNP leader observed.
"So it is not possible to trade it off with anything else," he said, suggesting joint efforts of governments, political parties, businesses and other related stakeholders to this effect. Citing media reports, he said political consensus is needed if there is something related to security, procurement and policy,
He however, did not go into further details about the 'non-disclosure agreement' between the USA and Bangladesh.
He also assured that on behalf of BNP, they will try to inform the interim government about the opinions of his party and the country's businesses to the issue.
Munni_fe@yahoo.com