US–Bangladesh sign South Asia’s first reciprocal trade agreement !

A reciprocal trade agreement is a mutually beneficial and profit-oriented trade arrangement in which both participating countries reduce import duties for each other.

Washington (USA) — The United States and Bangladesh have signed a reciprocal trade agreement. Under the agreement, the US has reduced reciprocal tariffs on Bangladeshi exports from 20 percent to 19 percent. Muhammad Yunus, Chief Adviser of Bangladesh’s interim government, stated in a release that the US has committed to establishing a mechanism for Bangladesh’s textile industry that uses American cotton and man-made fibres. As a result, Bangladeshi products will attract zero duty in the US market.

On the other hand, according to the White House, Bangladesh will cooperate in opening its market to US exports, especially soybeans, maize, civil aircraft and vehicles.

US Ambassador Jamieson Greer said that signing a reciprocal trade agreement with Bangladesh is the first such example in South Asia.

Bangladesh has surrendered before the US through the trade agreement ! – Expert

Author and trade expert Navroop Singh has reacted to this reciprocal trade agreement. He said that by entering into such a trade agreement, Bangladesh has effectively bowed down before the United States. This amounts to nothing but outright surrender. He pointed out that in the agreement India signed with the US, India safeguarded its own crucial sectors, whereas Bangladesh failed to do so.