The United States and Bangladesh have signed a bilateral trade agreement that will cut U.S. tariffs on imports from Bangladesh to a flat rate of 19 per cent, a move aimed at boosting trade between the two nations and supporting Bangladeshās export-driven economy.
Under the Agreement on Reciprocal Tariff, which comes after about nine months of negotiations, Washington agreed to trim reciprocal duties on Bangladeshi products from 20 per cent to 19 per cent and establish a mechanism to allow certain textiles and apparel made with U.S. materials to enter the U.S. duty-free.
Bangladeshās ready-made garment sector ā which accounts for around 80 per cent of its exports ā stands to benefit significantly from the preferential access, officials said, with the potential for zero tariffs on specific apparel exports that use U.S. cotton or man-made fibres.