US Bangladesh Trade Deal: The timing of this agreement, nearly a week after the India-US trade deal, has raised serious questions among Bangladesh's industry and policy experts.
After India's trade deal with America, Bangladesh is now going to take this secret step.
US-Bangladesh Secret Deal: Following the recent trade deal between India and the United States, another significant development is taking place in South Asia. India's neighboring country, Bangladesh, has also taken steps toward a trade agreement with the United States. Significantly, Bangladesh is set to seal a reportedly secret trade deal with the United States on February 9th, and this development comes just three days before the parliamentary elections there. The timing of this agreement, nearly a week after the India-US trade deal, has raised serious questions among Bangladeshi industry and policy experts.
Why questions on the trade deal
The biggest concerns about this proposed deal are its transparency and timing. According to Bangladeshi media reports, the terms of this agreement with the US will not be made public, and its draft will be kept strictly confidential. According to Bangladesh's leading daily, Prothom Alo, reaching such a major and far-reaching agreement in the final stages of the government's tenure creates an uneasy situation. If the deal is signed on February 9th, it will come just before the end of the interim government and voting for the 13th parliamentary election.
Industry concerns have also increased because, following the recent trade deal between India and the US, the 50 percent tariff imposed on India has been reduced to 18 percent. It is believed that the details of the India-US agreement will soon be made public. Union Commerce Minister Piyush Goyal himself has indicated that the details of the bilateral trade agreement could be revealed in the next four to five days, and that the US may also issue an executive order to implement the 18 percent tariff. In contrast, the complete secrecy surrounding the Bangladesh-US deal has further deepened concerns.
Why is the concern being raised?
Business organizations in Bangladesh fear that the agreement could negatively impact several key sectors, particularly readymade garments and export-oriented industries. Enamul Haque Khan, senior vice president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), questioned the timing of the deal, saying that such a large and long-term trade deal should have been signed by the post-election government. He believes that such decisions by a temporary government could create difficulties for both the future government and industry.
Overall, Bangladesh's move, following the India-US trade deal, is considered significant for regional trade balance. However, the manner in which this agreement is being reached just before elections and without public information has increased unease within Bangladesh at both the political and economic levels. It will be important to see in the coming days what the terms of this secret deal are and how deeply it impacts Bangladesh's economy and industries.
