Bangladeshi’s Provisional Government expects a favorable resolution in business negotiations with the United States after being one of President Donald Trump’s most difficult struggle in April.
“We had at least seven rounds of negotiations, virtual and people, and we expect a positive result,” said Trade Minister Mahbubur Rahman in an interview on Monday.
Rahman also said that the US indicated the creation of two separate business bands – one for the least developed country or LDC, a group that includes Bangladesh and the other for the remaining business partners.
Bangladesh is the “most advanced” among the least developed nations in these negotiations, he added, adding that US officials privately assured Bangladesh that it would probably prevent repressive tariffs if they were to discuss.
The trade agreement comes as a relief for an economy that recovers last year from political unrest, which forced former Prime Minister Sheikh Hasina to escape from the country. 37% of the US export tariff is significant risks for the South Asian nation, especially its finished clothing sector, which represents 80% of its total exports and employs millions of workers.
Bangladesh will have to join as a good or better trade than the one that Vietnam’s opponent has reached last week to be competitive on the global market. The agreement with Vietnam sets 20% tariff on exports to the US and imposes 40% obligation for goods considered reassigned.
The US was looking for access with zero tariffs for American products entering Bangladesh, especially in sectors where the South Asian nation already has competing agreements such as cars, Rahman said.
The nation is waiting for the final documents before the adoption of binding obligations, said Rahman. “We will not make one -sided decision. It will be a consultation process,” he said.
This article was generated from an automated news agency without text modifications.
(Tagstotranslate) Bangladesh
