US trade deal not irreversible, scope for revisions still there: Commerce minister
The agreement contains elements that could further strengthen bilateral trade ties, says the minister.
Commerce Minister Khandakar Abdul Muktadir has said the recently signed trade deal between Bangladesh and the United States is not irreversible, noting that there remains scope for amendment, addition or deletion of provisions if needed.
The agreement includes elements that could help further strengthen bilateral trade ties in the future and should not be viewed as "wholesale negative" or "wholesale positive", he said while speaking to reporters after a meeting with US Assistant Secretary of State for South and Central Asian Affairs S Paul Kapur at the commerce ministry today (4 March).
Muktadir said there was no discussion on the recent trade deal, noting that the agreement has already been signed and constitutes a state-level arrangement, leaving little scope for fresh decisions at this stage.
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"The agreement was signed on the 9th [February]. There was no separate discussion on it today," he said, adding that the deal was signed to expand economic, trade and investment relations between the two countries.
Referring to bilateral trade, he said the volume of trade between the countries exceeds $8.5 billion, while Bangladesh imports goods worth nearly $2.75 billion from the US. "As a single country, the US remains one of Bangladesh's largest trading partners."
Asked whether issues mentioned in a congratulatory letter to the premier from US President Donald Trump – including trade and defence-related matters – were discussed, the minister replied that military issues do not fall under his ministry's jurisdiction.
On the issue of visa bonds, he said the matter would be handled by the foreign ministry. The government wants businesspeople and investors from both countries to travel without obstacles, he said.
At the meeting, Muktadir highlighted the volatility in the global energy market following the Middle East conflict and sought US cooperation, especially in ensuring LNG supplies.
He said discussions covered investment, digital infrastructure development and prospects for future economic cooperation, alongside trade-related issues.
During the meeting, Paul Kapur recommended the removal of non-tariff barriers that may be hindering American investment in Bangladesh, Muktadir said.
The US believes that eliminating certain non-tariff barriers would help attract more American investment to Bangladesh, making the country a more appealing destination for US businesses, the minister said.
He said that addressing these barriers could also facilitate Bangladesh's smoother inclusion in US development assistance and financing programmes. However, the minister did not disclose which non-tariff barriers were discussed.
Meanwhile, the US assistant secretary held a separate meeting with Foreign Minister Khalilur Rahman at the foreign ministry.
Speaking to the media on the recent deal, Khalilur said that the reciprocal trade agreement was not signed abruptly just days before the national election.
He claimed that the matter had been discussed in advance with the leadership of the country's two major political parties – BNP and Jamaat-e-Islami, and both had agreed to the deal before its signing.
"The US Trade Representative spoke to the heads of our two key parties before the elections and they also agreed to it. So it's not like we did this in the dark," Khalilur said in response to a question on whether there had been any pressure to expedite the signing of the deal ahead of the recently held national election.
He said there are entry and exit clauses and the government can review it if it desires so.
"We have discussed the crisis in the Middle East. I told him [Paul Kapur] that two of our Bangladeshis have lost lives and seven others have been injured. If this war is prolonged or spreads, this fear may increase further," he said.
Dhaka conveyed to the US official that the US should try to resolve this conflict, this problem, through dialogue as soon as possible by giving diplomacy opportunity.
Paul Kapur, however, underscored the importance of implementing the provisions of the agreement on "reciprocal trade" to foster greater bilateral trade and investment, the foreign minister said.
