The next challenge for the Bangladesh economy would be the graduation from the least developed country list, which would be bigger challenge than the tariff of United States, said commerce adviser SK Bashir Uddin.
He also called on all businesses and stakeholders to sit together to devise action plan to face the challenges with strong leadership.
He was speaking at the welcome reception programme for tariff negotiators organised by the Bangladesh Textile Mills Association on Sunday night at Gulshan Club Ltd in the capital.
BTMA organised the welcome reception to congratulate the Bangladesh team, led by commerce adviser SK Bashir Uddin, that successfully negotiated to reduce reciprocal tariff at 20 per cent from 35 per cent.
鈥楾he fascist government has left the legacy of 鈥榯ime bound time bomb鈥� in the name of LDC graduation, which would be our major challenge,鈥� he added.
He also said that they committed the US authority that trade deficit would be reduced by 75 per cent in a year.
He said that if needed they would go to Washington within two to three weeks as the negotiation was still continuing.
Speaking at the event, Khalilur Rahman, national security adviser of the interim government, said that Bangladesh had negotiated an agreement with US government with the provision that the next elected government could make required change or cancel any.
He also said that the negotiations that was still going on based on three principles.
鈥榃e are negotiating with president Trump's government on agreements which are revokable. The first thing is that we are not an elected government and we are not going to obligate the next government,鈥� he added.
Moreover, the next government must have the power to change or modify or cancel the agreements.
鈥楾he second one is that we took the responsibility which we can fulfil,鈥� he said, adding, 鈥業f we fail to meet any commitments, the US authorities can cancel this agreement and charge us 37 per cent tariffs.鈥�
鈥楾hird, this is a bilateral agreement. We cannot do this to any third country. We didn鈥檛 want to get into any geopolitical trap,鈥� he said.
He hinted that the tariff might go down further for Bangladesh.
BTMA president Showkat Aziz Russell said that following the successful negotiation with the United States regarding reciprocal tariffs, Bangladesh was now in a stronger position.
As a result, the country鈥檚 exporters were receiving more inquiries from buyers, he said.
鈥榃e want to invest further, now is the high time to invest in the textile sector,鈥� he added.
BGMEA president Mahmud Hasan Khan, BKMEA president Mohammad Hatem, business leaders from other sectors also spoke at the event.
