Bangladesh Safe From New US Tariffs, Says Minister

Minister of Commerce, Industries, Textiles and Jute,  Khandokar Abdul Muktadir, clarified that the United States has placed equivalent tariffs on several countries, not just Bangladesh. Speaking to the media during a law-and-order review meeting at the Sylhet Police Commissioner’s office on Saturday, the Minister mentioned that Bangladesh is now subject to an extra duty of 10%, which is one of the lowest rates in the world. Additionally, he stated that a visiting U.S. trade team has shown interest in investing in Bangladesh and has submitted specific suggestions to create an environment that is more receptive to investment, which the government is now assessing.

Regarding regional trade, Minister Muktadir emphasised that Indian businesspeople are very interested in growing in Bangladesh, and several recent tourists have made investments. He pointed out that as delays now raise the cost of raw materials for international traders, Indian companies have called for the complete operationalisation of land ports. To improve the efficiency of international commerce, Indian delegates also proposed the creation of a digital infrastructure trust and a joint infrastructure task force to the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI). The Commerce Minister specifically praised these ideas.

In response to Bangladesh’s $27 billion trade imbalance, Minister Muktadir said that since independence, larger import volumes compared to exports have been a typical structural feature- a dynamic shared by many emerging countries. But he emphasised how critical it is to increase export capability in order to increase overall commercial volume. He said that Bangladesh’s present trade volume is still disproportionately low in contrast to the size of its national economy, using Vietnam as an example of Southeast Asian rivals where yearly commerce reaches $800 billion.