Bangladesh is preparing to sign an agreement with the United States this month that would impose an additional 20 percent supplementary duty on Bangladeshi products entering the US, reportys bdnews24.com.
The agreement, once finalised, will be signed with the consent of both countries following any necessary revisions.
The United States Trade Representative (USTR) is currently drafting the agreement, a process the commerce ministry expects will take two to three weeks.
After that, the agreement may be made public, according to Commerce Advisor Sheikh Bashir Uddin.
Golam Mortoza, minister (Press Wing) of the Bangladesh Embassy in Washington, DC, confirmed to bdnews24.com that the agreement could take two to three weeks to finalise.
Following three months of negotiations, the United States last week reduced the supplementary tariff on Bangladeshi goods from 35 percent to 20 percent.
Previously, Bangladeshi exports had been subject to an average tariff of 15 percent. With the new rate in effect, Bangladeshi goods will now face a combined tariff of approximately 35 percent when entering the US market.
Though the agreement has not yet been signed, the new tariff rate will apply starting Aug 7, as previously announced.
The United States has requested that the World Trade Organization be notified once the agreement is signed. Bangladesh will respond to the draft once it has been received.
Officials say the agreement will be signed only after both sides reach a consensus. A joint announcement from the governments of Bangladesh and the United States may follow.
