Summary
Bangladesh and the United States have signed a trade agreement reducing tariffs to 19% for some exports, particularly textiles and garments made from U.S. materials. The deal, announced on Monday, also includes Bangladesh's commitment to better access for U.S. goods and accepting U.S. standards in various sectors.
Key Facts
- Bangladesh will have a 19% tariff rate on exports to the U.S. under the new trade deal.
- Some textiles and garments made with U.S. materials will have even lower tariffs.
- The U.S. will have better access to Bangladesh's market for its industrial and agricultural goods.
- Bangladesh agrees to accept U.S. vehicle safety and FDA standards.
- The countries announced commercial deals, including aircraft and agricultural product purchases.
- Bangladesh's apparel sector contributes 10% to its GDP and employs about four million workers.
- This agreement follows nine months of negotiations that began in April last year.
- Bangladesh will hold elections on Thursday to choose new leaders.
