US, Bangladesh ink reciprocal trade agreement

WASHINGTON, Feb 9 (KUNA) -- The United States and Bangladesh hammered out on Monday an agreement on reciprocal trade to strengthen bilateral economic relationship through providing their exporters unprecedented access to each other's respective markets.
The agreement was signed by the US Trade Representative Ambassador Jamieson Greer and Bangladesh's Adviser for Commerce, Textiles and Jute, and Civil Aviation and Tourism Sheikh Bashir Uddin.
"Today's signing of the Agreement on Reciprocal Trade with Bangladesh is the first in South Asia and marks a meaningful step forward in opening markets, addressing trade barriers, and creating new opportunities for American exporters," said Ambassador Greer in a press statement.
According to a joint statement, the agreement will build upon longstanding economic relationship, including the US-Bangladesh Trade and Investment Cooperation Forum Agreement (TICFA), signed in 2013.
Bangladesh commits to provide significant preferential market access for US industrial and agricultural goods. In return, the United States will reduce the reciprocal tariff rate to 19 percent on originating goods of Bangladesh and will identify some products to receive a zero percent reciprocal tariff rate. (end) asj.ibi