The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) welcomed the signing of a reciprocal tariff agreement between Bangladesh and the United States, describing it as a positive development for the country's export-oriented apparel sector.
The agreement was signed following nine months of intensive negotiations between the two countries.
In a press release issued on Tuesday, BGMEA expressed its sincere gratitude to the Government of the United States and the interim government of Bangladesh for their roles in finalising the deal.
BGMEA particularly thanked Chief Adviser Professor Dr Muhammad Yunus, National Security Adviser Khalilur Rahman, Commerce Adviser Sk. Bashir Uddin and Commerce Secretary Mahbubur Rahman for their leadership and support during the negotiation process. The organisation also acknowledged the cooperation of the US Embassy in Dhaka and the Office of the United States Trade Representative (USTR) in facilitating the agreement.
According to preliminary information received by BGMEA, the agreement has reduced the reciprocal tariff imposed on Bangladeshi products exported to the US market from 20 percent to 19 percent.
The association noted that garments manufactured in Bangladesh using cotton and man-made fibres imported from the United States will be exempt from such tariffs, which is expected to improve Bangladesh's market access to the US.
BGMEA, however, emphasised that proper evaluation and traceability mechanisms must be ensured to fully benefit from the provision allowing the use of US-origin raw materials.
