WASHINGTON (dpa-AFX) - The United States and Bangladesh have reached an Agreement on Reciprocal Trade, which will provide U.S. and Bangladeshi exporters unprecedented access to each other's respective markets.
As per the terms of the Agreement, Bangladesh committed to provide significant preferential market access for U.S. industrial and agricultural goods, including chemicals; medical devices; machinery and motor vehicles and parts; information and communicational technology equipment; energy products; soy products; dairy products; beef; poultry; and tree nuts and fruits.
The United States will reduce the reciprocal tariff rate on goods imported from Bangladesh to 19 percent, while eliminating tariff on certain items.
A specified volume of apparel and textile imports from Bangladesh can enter the United States without tariff rate, which will be decided in relation to the quantity of exports of textiles, e.g. U.S.-produced cotton and man-made fiber textile inputs, from the United States.
The United States and Bangladesh committed to address Bangladesh's non-tariff barriers that affect bilateral trade and investment in priority areas. Bangladesh agreed to accept vehicles built to U.S. Federal motor vehicle safety and emissions standards; and U.S. Food and Drug Administration certificates and prior marketing authorizations for medical devices and pharmaceuticals.
The South Asian country will remove import restrictions or licensing requirement on U.S. re-manufactured goods or their parts.
Bangladesh committed to permit the free transfer of data across trusted borders; support the adoption of a permanent moratorium on customs duties on electronic transmissions at the World Trade Organization; follow science and risk-based processes to allow the import of safe U.S. food and agricultural goods; remove barriers in the insurance market; digitize its customs procedures; and adopt and implement good regulatory practices.
The trade deal was signed after Bangladesh committed to protect internationally recognized labor rights and to adopt and maintain high levels of environmental protection and effectively enforce its environmental laws.
The White House said that the United States shall consider supporting investment financing in critical sectors in Bangladesh in collaboration with U.S. private sector partners.
The Agreement will enter into force after both the countries finalize domestic formalities.
The U.S. total goods trade deficit with Bangladesh in 2024 was $6.1 billion.
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