Fixing 20% US tariff a major achievement: Shafiqul Alam

Chief Adviser's Press Secretary Shafiqul Alam on Saturday (23 August) described the recent outcome, of tariff negotiations with the United States securing a 20% tariff, as one of the interim government's major achievements.

"This negotiation was the government's biggest foreign policy challenge, but with the right preparation and confidence, Bangladesh has achieved the desired outcome," he said at a roundtable discussion titled Bangladesh and Trump Tariffs: Economic Diplomacy in a World after Trade Regime, held at the Daily Star Bhaban in Farmgate this morning.

The event was organised by the Bangladesh Research Analysis and Information Network (BRAIN), with speakers including Dhaka University Professor Dr Rashed Al Titumir and economists Jyoti Rahman and Zia Hasan.

Shafiqul Alam said, "Many claimed that the interim government is weak, inexperienced, and incapable of securing a good deal with the US. But we have proven that with proper preparation and self-confidence, even an interim government can achieve a major success."

He explained that the government, aware of its interim status from the outset, focused on areas where realistic and immediate results could be achieved.

"We were confident from the very beginning that a good agreement with the United States was possible," the press secretary added.

Shafiqul Alam pointed out that Bangladesh faced significant challenges both on the Rohingya issue and US tariff policies.

"Though the media of a neighbouring country widely circulated misleading information soon after the interim government assumed office, Bangladesh managed to counter this through accurate diplomatic preparations," he said.

The press secretary noted that during a visit to the US, National Security Adviser Dr Khalilur Rahman initially understood that the Trump administration was diverging from global consensus and adopting a unilateral tariff policy.

Following that visit, Bangladesh made necessary preparations, he said, adding that three main strengths drove the negotiations: Chief Adviser Professor Muhammad Yunus' personal connections and credibility with the US, Dr Khalilur Rahman's long-standing experience, and Commerce Adviser Sk Bashir Uddin's clear insights into global markets.

Shafiqul Alam said Bangladesh's main advantage is its position as a major consumer and importer in the global market.

"Cotton, oil, poultry feed, or edible oil—Bangladesh is now a significant player in almost every sector. This reality was used as leverage in the negotiations," he explained.

The press secretary also noted that, alongside the US, Bangladesh's exports to markets in Japan, South Korea, Brazil, South Africa, and the Middle East are increasing rapidly.

Thus, while success was achieved in talks with the US, the government is simultaneously focusing on diversifying markets.

Highlighting the importance of infrastructure, Shafiqul Alam said that making Chattogram Port more efficient and reforming the logistics system are prerequisites for increasing foreign investment. "If Chattogram Port can be made as efficient as Singapore's, foreign investment cannot be stopped," he added.

He said the steps taken by the interim government have helped bring inflation under control to some extent, increase foreign exchange reserves, and restore stability to the economy.

"We may not have achieved 8 percent growth, but achieving 4 percent growth in this post-uprising period is not insignificant," the press secretary said.

Expressing optimism, Shafiqul Alam said the success of the tariff negotiations has placed Bangladesh's economy on a new platform for prosperity, and trade ties with the US will deepen further in the future.

"We want more access to the vast US market. Like Japan, South Korea, Taiwan, or Vietnam, we, too, believe that by expanding exports to the US, Bangladesh will advance towards a new path of prosperity," he added.