U.S.-Bangladesh Trade Agreement to Slash Tariff Rates

The United States has agreed to reduce its reciprocal tariff rate on imports from Bangladesh to 19% under a bilateral trade agreement. Both nations have pledged to address non-tariff barriers, and the U.S. will permit certain Bangladeshi textiles and apparel to be exempt from tariffs.

The United States has announced a significant reduction in its reciprocal tariff rate on imports from Bangladesh, lowering it to 19% as part of a new trade agreement between the two countries, according to the White House.

In addition to the tariff reduction, both nations have committed to addressing non-tariff barriers that currently exist in Bangladesh. This move is seen as a step towards facilitating smoother trade relations between the countries.

The agreement will also see the U.S. allowing certain textiles and apparel from Bangladesh to be exempt from tariffs, potentially boosting Bangladesh's export sector significantly.

(With inputs from agencies.)