No need to worry as US tariff talks ongoing: Fouzul tells biz leaders
Contacted before Thursday night’s meeting, the commerce adviser declined to comment on the negotiations
Power, Energy, and Mineral Resources Adviser Muhammad Fouzul Kabir Khan yesterday assured the country's business leaders that there is no reason to worry about US tariffs yet, as negotiations with the office of the United States Trade Representative (USTR) are still underway.
After weeks of official-level talks to reduce the 35% US tariffs, Bangladesh's delegation, led by Commerce Adviser Sk Bashir Uddin, began high-level negotiations with USTR Ambassador Jamieson Greer at 9pm Bangladesh time on Thursday.
Contacted before Thursday night's meeting, the commerce adviser declined to comment on the negotiations. The meeting may continue till 3am on Friday.
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Commerce ministry officials told TBS that unresolved issues from the earlier official-level talks may be settled in these three-day high-level meetings with US policymakers.
Meanwhile, several leaders from various trade associations met Energy Adviser Fouzul Kabir at his office yesterday evening to inquire about the progress of the ongoing tariff negotiations.
Speaking to TBS on the matter, Fouzul said, "Leaders of nearly all major trade chambers and associations came to meet me. They wanted updates on the outcome of the US tariff negotiations."
"I told them that the three-day talks have begun and will continue through Friday. So far, the discussions have been quite positive. There is no cause for concern among the business community," he added.
The US is Bangladesh's top single-country export market, especially for garments. High tariffs could severely impact the RMG sector — the backbone of the economy.
Asked about the meeting with Fouzul Kabir, BGMEA President Mahmud Hasan Babu told TBS they urged the government to consult businesses on matters that directly affect them.
"We've been kept in the dark about the US tariff talks," he said. "However, the adviser shared encouraging news, saying the first day of the second round discussions [on Wednesday night] was positive and the tariffs may be reduced."
"We want Bangladesh's tariff rates to be lower than, or at least equal to, those of competing countries like Vietnam, India, and Pakistan — not higher," said the BGMEA president.
US President Donald Trump earlier announced a reduction in tariffs on garments from Bangladesh's key competitor, Vietnam, to 20%. Proposed tariff rates for India, Pakistan, Indonesia, and China are also lower than those for Bangladesh.
After the first of the three-day meetings on Wednesday night, the Chief Adviser's Press Wing issued a statement saying the talks were "very comprehensive, touching upon almost all the key aspects of the trade relationship between the two nations."
Golam Mortoza, Press Minister at the Bangladesh Embassy in the US, said that both sides had reached consensus on most points in terms of logic and arguments. However, he added that it is too early to comment on the issue.
Meanwhile, commerce ministry officials in Dhaka said they were unaware of the progress in the negotiations.
One official, requesting anonymity, told TBS that from April through 3 July, Bangladesh had tried to forecast possible outcomes. But after receiving the letter from the Trump administration imposing a 35% reciprocal tariff, "we realised those forecasts were nowhere near the actual developments."
As a result, officials now prefer to wait for an official US statement once talks conclude before commenting on the outcome.
