Dr Fahmida Khatun, Executive Director of the Center for Policy Dialogue (CPD), Hasan Ahmed Chowdhury Kiron, Chairman of Debate for Democracy, and judges of the debate session seen with the winning debaters at a shadow parliament session titled "Meeting the Challenges of High US Tariffs", organised by Debate for Democracy in the city on Saturday. Trump's high tariff policy is a wake-up call for Bangladesh to move promptly for urgent preparedness, Dr Fahmida Khatun, Executive Director of the Center for Policy Dialogue (CPD), said on Saturday.
The pause for a three-month period of the high US tariffs also offered a temporary relief and an opportunity to frame policies in the meantime to combat the trade challenges, she told a programme in the city.
Speaking as the chief guest at a shadow parliament session titled "Meeting the Challenges of High US Tariffs", organised by Debate for Democracy, the economist suggested strengthening trade diplomacy and enhancing internal capacity to mitigate potential risks of the high tariff regime.
The session was presided over by Debate for Democracy Chairman Hasan Ahmed Chowdhury Kiron.
"It's unpredictable whether Trump would continue or withdraw the high tariff after three months," said Dr Fahmida, noting that the US administration has increased tariffs without following any formal rules.
The conflicting stances between the US and China regarding tariff imposition suggest a trade war is underway. Bangladesh is not immune to this challenge either, she said, criticising that the process of imposing a 37-percent tariff on Bangladesh is flawed.
"After LDC graduation, we will no longer enjoy tariff privileges for long. Therefore, it's urgent for us to enhance our trade capacity."
Dr Fahmida also warned that the investors will be concerned if there are incidents of violence and vandalism under the guise of movements. Ensuring political stability and maintaining law and order will help create an environment conducive to investment, she added.
"If the institutional reforms currently being discussed are implemented, there will be no drastic policy shifts even with changes in government," she said, however.
Mr Hasan Ahmed Chowdhury Kiron said that uncertainty still remains although the US has suspended the new tariffs for three months, offering temporary relief to Bangladesh's export sector.
He put forward 10-point recommendations to face the challenges, including diversification of export products and markets, strengthening trade diplomacy, increasing imports from the US - especially soybean, machinery, pharmaceuticals, and services - reducing import tariffs on these may discourage retaliatory tariffs, and forming a task force comprised of economists, market analysts, and business representatives to address the issues of concern.
At the debate competition, Bangladesh University of Business and Technology (BUBT) defeated debaters from Manarat International University.
Judges of the competition included Professor Abu Muhammad Rais, Sultan Ahmed Bhuiyan FCA, journalist Doulot Akter Mala, Dr. S.M. Morshed, and TV programme producer K.M. Mahmud Hasan.
doulotakter11@gmail.com
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