The Bangladesh Nationalist Party would engage with the interim government to help advance the government鈥檚 ongoing tariff negotiations with the United States, as the discussions have expanded beyond trade to include broader security and strategic issues.
BNP standing committee member Amir Khasru Mahmud Chowdhury held a meeting with the country鈥檚 business leaders on Tuesday to explore ways to reduce the rate of US 鈥榬eciprocal鈥� tariff on Bangladeshi exports, aiming to secure more favourable terms than those offered to competing countries through strong negotiations.
Business leaders who attended the meeting said they believed the interim government lacked the capacity to conduct strong negotiations with the US on tariff, which they saw as a key reason for the US president鈥檚 decision to impose an additional 35 per cent tariff on imports from Bangladesh, effective from August 1.
They remarked that it was unfortunate that the government had kept the business community 鈥榗ompletely in the dark鈥� about the negotiations.
The business leaders said that it would be impossible to remain competitive in the US market under the additional 35 per cent duty, but noted that there was still an opportunity for reducing the rate as negotiations had not yet concluded.
Following the meeting, BNP leader Amir Khasru told reporters that the business community felt that the ongoing negotiations needed to be strengthened.
He said that the US tariff issue involved multiple aspects, noting that it was not solely an industrial matter, as security issues were also linked to it.
The BNP leader said that they wanted to support the government and hoped that, with this backing, a proper solution could be found to overcome the current situation.
Commerce adviser Sk Bashir Uddin on Monday said that the third round of negotiations with the US over the tariff was likely to start next week. Bangladesh failed to achieve its target of lowering the tariff rate in two rounds of talks.
鈥業f security matters are indeed involved, reaching a political consensus will become essential, and such issues have now added a broader scope of the negotiations,鈥� Khasru聽said.
He hoped that all stakeholders would work together in the national interest, as the outcome would have a direct impact on the country鈥檚 economy, jobs and the people鈥檚 livelihoods.
He also said that a united and sensible approach was needed, given the effect the issue could have on Bangladesh鈥檚 foreign relations and development.
He said that the US tariff hike posed a major threat to Bangladesh鈥檚 export sector, particularly the garments industry.
He said that the US is one of Bangladesh鈥檚 largest export markets, especially for garments, and that about 15 to 16 per cent of jobs were directly linked to exports to the US.
He also mentioned that the impact would extend beyond the $8 billion garment exports, affecting many other related industries.
International Chamber of Commerce in Bangladesh president Mahbubur Rahman, Metropolitan Chamber of Commerce and Industry president Kamran T Rahman, Bangladesh Chamber of Industries president Anwar ul Alam Chowdhury, Leathergoods and Footwear Manufacturers and Exporters Association president Syed Nasim Manzur, Bangladesh Garment Manufacturers and Exporters Association president Mahmud Hasan Khan, Bangladesh Knitwear Manufacturers and Exporters Association president Mohammad Hatem, former Federation of Bangladesh Chambers of Commerce and Industry president AK Azad, former Bangladesh Textile Mills Association president Tapan Chowdhury, former Bangladesh Terry Towel and Linen Manufacturers and Exporters Association chairman Shahadat Hossain Sohel, among others, were present in the meeting.