US, Bangladesh Sign Reciprocal Trade Deal

The United States and Bangladesh signed the United States-Bangladesh Agreement on Reciprocal Trade, a landmark deal aimed at strengthening bilateral economic and trade relations. The agreement, signed by US Trade Representative Jamieson Greer and Bangladesh's Adviser Sheikh Bashir Uddin, is the first of its kind in South Asia. Key provisions include the United States reducing its reciprocal tariff to 19% (down from an original 37% and a recent 20%) and establishing a mechanism for certain Bangladeshi textile and apparel goods, made with US-produced cotton and man-made fiber, to receive zero reciprocal tariff in the US market. Bangladesh's Chief Adviser Muhammad Yunus and chief negotiator Khalilur Rahman hailed the agreement as a 'historically new level' in economic ties, expecting it to provide substantially enhanced market access for both nations and a significant boost to Bangladesh's garment sector. The agreement was approved by Bangladesh's Council of Advisers and will become operational upon official notifications from both sides.