Govt aims to boost duty-free market access in UK, EU; eyes lower US tariffs from 20% to 15%

The government has set a $63.5 billion export target for FY 2025–26, with Commerce Adviser Sheikh Bashir Uddin emphasising the need to maximise duty-free market access in the UK and European Union

He also mentioned that discussions are underway to reduce the United States' reciprocal tariff from 20% to 15%. Describing the target as "quite conservative", the adviser expressed hope that actual exports would surpass expectations. 

"We are working on market expansion for non-traditional products and exploring new destinations," he said at a press conference organised by the Ministry of Commerce at the Secretariat today (12 August).

He added that negotiations for free trade agreements (FTAs) were ongoing with Japan, South Korea, and Singapore, though not all deals might be favourable for Bangladesh. 

Bangladesh sets $63.5b export target for FY26, 16.5% higher than FY25

"Both tariff and non-tariff barriers are being discussed. Bangladesh currently has zero tariffs on 3,800 tariff lines for imports, including most food items. While energy imports face high tariffs, the government is the importer in those cases, so the tariff revenue goes into government accounts. These limitations were discussed with the United States," he said.

The adviser stressed the importance of securing preferential access in major markets. 

"Our focus is on maximising duty-free market access, especially in the UK and EU. We are also in talks with the United States to lower its reciprocal tariff from 20% to 15%," he said.

Commerce Secretary Mahbubur Rahman, who also spoke at the event, said of the $63.5 billion target, $55 billion was expected to come from goods and $8.5 billion from services. He noted the figure was 16.5% higher than export earnings in FY 2024–25.

Senior ministry officials and leaders from various business sectors were present at the briefing.