BD set to sign a trade deal with US on Feb 9

Bangladesh and the United States are set to open a new chapter in bilateral commercial relations with the signing of a trade agreement on February 9.

The initiative is aimed at easing Washington's "reciprocal tariff" and expanding mutual market access between the two countries.

Commerce Secretary Mahbubur Rahman told reporters at the Secretariat on Sunday that the ministry had already sent a summary seeking approval of the draft agreement and authorisation for signing it on the scheduled date.

"Once the approval comes, we will be able to take the final course of action," he said.

Earlier, the US announced a 37 per cent reciprocal tariff on Bangladeshi goods and it later revised it to 35 per cent while keeping room for negotiations.

Following the third round of talks in Washington on July 31 last year, the tariff was reduced, subject to Bangladesh's commitment to narrow the bilateral trade deficit and offer certain concessions.

The commerce secretary said Bangladesh currently maintains a reciprocal tariff of 20 per cent, similar to many other countries.

"There is an indication that it may come down somewhat, but nothing has been finalised yet. The exact rate will be decided by February 9," he added.

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