Tuesday, 15 July, 2025
Commerce Advisor Sheikh Bashir Uddin has described the second round of trade negotiations with the US as “encouraging and constructive” but declined to reveal specifics, citing confidentiality agreements.
On Monday, a day after returning from Washington DC, Bashir briefed local business leaders and economists on the situation.
His comments followed concerns over the looming imposition of a steep 35 percent supplementary tariff on Bangladeshi goods, set to take effect from Aug 1.
While some issues remain unresolved, the advisor said preparations are under way for a third round of talks.
“Inter-ministerial matters need to be addressed. We’re discussing those and will return to the US soon for further negotiations. God willing, we’re hopeful of a positive outcome.”
He noted that the talks, held at the highest levels over three days, involved meetings with 35 to 40 US officials.
“The discussions were robust and promising,” he said. “Our team is fully engaged.”
Asked when the next round would take place, Bashir said it could be as early as mid-next week.
“We’ll inform them of our readiness, and they’ll schedule accordingly,” he added.
About Monday’s stakeholder meeting, he said: “We had a productive discussion with the business community. They gave valuable suggestions, which we’ll incorporate. These do not need to be disclosed publicly.”
Pressed on the progress of the talks, he reiterated that the objective is to ensure reasonable, non-discriminatory tariffs so Bangladeshi businesses can remain competitive in the US market.
He stressed, however, that under the terms of a non-disclosure agreement, he could not share further details.
The renewed negotiations follow a letter from US President Donald Trump to Chief Advisor Muhammad Yunus on Jul 8, confirming that a 35 percent supplementary tariff would be imposed from Aug 1.
The move is part of a broader protectionist policy under Trump’s second term, initially announced in April, targeting over 100 countries. For Bangladesh, it replaces an earlier proposed 37 percent hike.
The average tariff on Bangladeshi goods exported to the US is currently around 15 percent. With the added 35 percent, the total would jump to 50 percent, posing a severe threat to the country’s export-driven garment sector, its largest source of foreign earnings.
In contrast, Bangladesh’s competitors have moved swiftly. Vietnam has secured a deal with the US to reduce tariffs to 20 percent, and India is reportedly close to finalising a similar agreement.
The interim government has said it is actively working toward a trade deal with the US. Last week, the commerce secretary confirmed that Dhaka had responded to a US-proposed framework agreement and held several follow-up meetings.
When asked about this framework, Bashir declined to elaborate, citing the non-disclosure clause.
Comments
Commerce Advisor Sheikh Bashir Uddin has described the second round of trade negotiations with the US as “encouraging and constructive” but declined to reveal specifics, citing confidentiality agreements.
On Monday, a day after returning from Washington DC, Bashir briefed local business leaders and economists on the situation.
His comments followed concerns over the looming imposition of a steep 35 percent supplementary tariff on Bangladeshi goods, set to take effect from Aug 1.
While some issues remain unresolved, the advisor said preparations are under way for a third round of talks.
“Inter-ministerial matters need to be addressed. We’re discussing those and will return to the US soon for further negotiations. God willing, we’re hopeful of a positive outcome.”
He noted that the talks, held at the highest levels over three days, involved meetings with 35 to 40 US officials.
“The discussions were robust and promising,” he said. “Our team is fully engaged.”
Asked when the next round would take place, Bashir said it could be as early as mid-next week.
“We’ll inform them of our readiness, and they’ll schedule accordingly,” he added.
About Monday’s stakeholder meeting, he said: “We had a productive discussion with the business community. They gave valuable suggestions, which we’ll incorporate. These do not need to be disclosed publicly.”
Pressed on the progress of the talks, he reiterated that the objective is to ensure reasonable, non-discriminatory tariffs so Bangladeshi businesses can remain competitive in the US market.
He stressed, however, that under the terms of a non-disclosure agreement, he could not share further details.
The renewed negotiations follow a letter from US President Donald Trump to Chief Advisor Muhammad Yunus on Jul 8, confirming that a 35 percent supplementary tariff would be imposed from Aug 1.
The move is part of a broader protectionist policy under Trump’s second term, initially announced in April, targeting over 100 countries. For Bangladesh, it replaces an earlier proposed 37 percent hike.
The average tariff on Bangladeshi goods exported to the US is currently around 15 percent. With the added 35 percent, the total would jump to 50 percent, posing a severe threat to the country’s export-driven garment sector, its largest source of foreign earnings.
In contrast, Bangladesh’s competitors have moved swiftly. Vietnam has secured a deal with the US to reduce tariffs to 20 percent, and India is reportedly close to finalising a similar agreement.
The interim government has said it is actively working toward a trade deal with the US. Last week, the commerce secretary confirmed that Dhaka had responded to a US-proposed framework agreement and held several follow-up meetings.
When asked about this framework, Bashir declined to elaborate, citing the non-disclosure clause.
Comments
