US trade delegation due in Dhaka Sunday for talks on further tariff cut
A formal trade agreement is expected to be signed after talks
Highlights:
- Talks to focus on cutting tariff on Bangladeshi exports from 20% to 15%
- Delegation will be led by Brendan Lynch, assistant USTR for South and Central Asia
- Draft trade agreement prepared; to be finalised if negotiations progress
- US lowered tariff from 35% to 20% in August, but no deal signed yet
- USTR team to meet the chief adviser commerce ministry officials and top diplomats
A US trade delegation will arrive in Dhaka on a two-day visit starting Sunday to discuss a further reduction in the 20% tariff currently imposed on Bangladeshi exports to the US market.
Negotiations will focus on securing a further cut in the tariff during the delegation's visit, Commerce Secretary Mahbubur Rahman told TBS today (11 September).
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The United States Trade Representative (USTR) team will be led by Brendan Lynch, the assistant USTR for South and Central Asia.
During the visit, the USTR delegation will hold meetings with the commerce ministry officials, as well as with Chief Adviser Muhammad Yunus, Foreign Affairs Adviser Md Touhid Hossain, and Foreign Secretary Asad Alam Siam.
Earlier, Commerce Adviser Sk Bashir Uddin and National Security Adviser Khalilur Rahman told reporters that both countries are negotiating to lower the reciprocal tariff on Bangladeshi goods from 20% to 15%.
According to commerce ministry officials, a draft trade agreement has already been prepared following discussions with the USTR officials. If progress is made in the upcoming negotiations, the draft will be finalised with necessary amendments.
On 7 August, the US reduced the reciprocal tariff rate on products imported from Bangladesh to 20% from the previously declared 35%, after a series of talks.
However, a formal agreement is yet to be signed.
Dhaka is pushing to lower the tariff to 15% and conclude an agreement with Washington. To this end, the commerce ministry sought additional negotiation time, which prompted the USTR delegation's visit, officials said.
