Govt to review barriers hindering US business expansion: Finance adviser

The government has taken an initiative to rationalise or review the barriers, including non-tariff barriers that are hindering the expansion of US business in Bangladesh, Finance Adviser Salehuddin Ahmed said today (6 April).

"We will rationalise the non-tariff barriers that are facing by the US business people, we will rationalise those as soon as possible," the adviser told reporters after holding an inter-ministerial meeting held at his Bangladesh Secretariat office.

He also said the government would streamline the process to facilitate trade and commerce between Bangladesh and the United States.

The finance adviser said in the meeting they discussed in detail the course of action from the government.

"Firstly, we have taken decision that we will increase our trade and commerce with the US, for that if we need to import necessary items from the US we will do that," he said.

He also said the government would ensure that the competitiveness of the RMG and other items that are exported to the US market remain competitive comparing to the other competitors.

"We will try to increase efficiency of the private sector, we can import various types of services from the US," he said.

The finance adviser said the government has taken necessary steps to engage with the United States authorities over the new tariffs imposed by Washington.

"The impact of the new US tariffs on the economy will not be difficult to manage. The government is hopeful that a positive outcome will emerge from the discussions," he said.

Salehuddin also noted that commodity prices were found stable during Ramadan and Eid-ul-Fitr, bringing some sort of relief to the public.

"This year, people had a good Eid. In March alone, the country received $3 billion in remittances, which helped boost the foreign exchange reserves," he added.

The finance adviser said the country's overall economic situation is showing signs of improvement, supported by the rising inflow of foreign currency.

Commerce Adviser Sk Bashir Uddin said that in the meeting they have come to a consensus on some specific proposals.

Bashir Uddin said, "We will conduct our next course as per the proposals, we are taking steps to review the non-tariff barriers, which will facilitate the trade between the two countries."

Planning Adviser Wahiduddin Mahmud said that big economies like China and European countries will take counter measures against the tax hike of the Trump administration.

"We do not know at what point this will stand at the last, there is no doubt that economy of the whole world will get a shake," he said.

He said the government will consider everything while taking any decision.

"Initially, we are thinking to improve the competitiveness of the RMG sector which has a big market in the US to compete with other competitors, and we think that we can do that," he said.

The planning adviser mentioned that due to the tax hike the burden would be on the consumers and the buying houses.

"To determine the burden on us, we have to depend on the negotiations that we will do," he said.

Wahiduddin Mahmud said there is no scope to reduce the wages of workers.

"The burden of the extra taxes has to be shifted to other side, we cannot put any extra burden on that [workers' wages]," he said.

He also hoped that the policymakers in the US would understand the matter.

"They also know it very well, from our side, we do not have any scope to reduce the wages of the workers," he said.