Bepzia lauds CA for timely Initiative on US tariff issue

The Bangladesh EPZ Investors' Association (Bepzia) has lauded the Chief Adviser Muhammad Yunus for taking timely initiatives to deal with the 37% reciprocal tariff announced by the United States.

On behalf of the association, its President Shahadat Musharraf Khan wrote a letter to the CA in this regard today (8 April).

"I wish to extend our sincere appreciation for your prompt and strategic intervention in response to the recent announcement by the US Administration regarding the imposition of a 37% 'discounted reciprocal tariff' on Bangladeshi exports," the letter reads.

"We deeply value the decisive leadership you demonstrated by immediately convening a meeting to address the concerns of the export sector and initiating direct, high-level communication with the President of the United States.

"Your formal request to postpone the implementation of the new tariff for three months, along with your assurance of concrete steps to reduce the bilateral trade deficit, have provided significant reassurance to our investor community and the broader export-oriented industries," it adds.

The Bezia particularly commended the interim government's commitment to facilitating increased US exports to Bangladesh.

"Your initiative to eliminate several non-tariff barriers-including rationalising packaging, labelling, and certification requirements; removing certain testing mandates; and simplifying customs procedures-reflects a constructive and forward-looking approach to trade facilitation," states the letter.

"These measures not only underscore Bangladesh's commitment to fair trade practices but also signal to global partners that our economy remains open, transparent, and responsive," it adds.

The association also welcomed the forthcoming letter from the commerce adviser to the United States trade representative detailing the specific actions being taken. "These steps will undoubtedly further strengthen Bangladesh's image as a reliable and cooperative trade partner on the international stage."

The business community within the Export Processing Zones-particularly the readymade garments sector, along with companies engaged in textiles, electronics, leather goods, wigs, agro-processing, and other diversified industries been deeply concerned by the potential impact of the sudden policy shift by US, the association noted.

"Your timely and diplomatic intervention has brought much-needed assurance and confidence to our exporters and stakeholders, many of whom had already begun receiving shipment deferment notices from international buyers.

"Your proactive stance has helped stabilize the outlook for all EPZ-based industries whose success is closely tied to international trade, particularly with the United States," it states.

Bepzia extended its full support for the govt's continued efforts to safeguard and advance Bangladesh's trade interests.

"We are confident that your principled diplomacy and pragmatic engagement will help ease the situation and reinforce our trade relationships. Please rest assured that Bepzi stands ready to cooperate with all initiatives led by your office to protect and promote Bangladesh's economic well-being," says the letter.