US, Bangladesh Reach Trade Agreement with Lower Tariffs
Under the agreement, exports to the US will face a tariff rate of 19%, down from 20% set in August. Muhammad Yunus, chief adviser to Bangladesh’s interim government, noted on X that Washington will establish a mechanism allowing certain textile and apparel products made with US cotton or man-made fibers to enter the US market duty-free.
Earlier this month, neighboring India reached a trade deal with the US setting an 18% tariff, though it did not include similar concessions for apparel exports.
Bangladesh, in return, will provide preferential market access for US industrial and agricultural goods. American farm and food products will benefit from reduced tariffs, with duties on poultry, pork, seafood, rice, corn, and cereal grains cut to zero. Certain items, such as almonds, will see tariffs phased out over five to ten years.
The agreement also includes defense and aviation components: Bangladesh Airlines will purchase 14 Boeing aircraft, and Dhaka will acquire an unspecified amount of US military equipment.
The deal, announced just four days before Bangladesh’s national elections, has faced criticism from multiple quarters, according to reports.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
