Bangladesh will send the work plan to the United States Trade Representative (USTR) within the next week to reduce the trade gap as part of the efforts to bring down Trump’s reciprocal tariff, currently on pause until July 9.
In a first move to address the shortfall, Sylhet's Osmani International Airport is set to launch dedicated cargo operations today
The United States Trade Representative (USTR), the US government’s chief trade negotiation body, wants to see Bangladesh’s work plan on narrowing the bilateral trade gap before the Trump administration makes a call on reciprocal tariffs.
Local suppliers have secured adequate work orders from US clothing retailers and brands to stay busy until Christmas at the end of this year, although the shipments are likely to be subject to Trump’s reciprocal tariffs.
Safety standards in Bangladesh’s garment sector saw a marked improvement after the disastrous Rana Plaza collapse in 2013, but there is still a need for other sectors to improve in this regard, Labour Reform Commission chairman Syed Sultan Uddin Ahmed said in an interview yesterday.
Bangladesh's limited trade diplomacy, coupled with its slower shift towards value-added production, could allow Vietnam to surpass it in global rankings
This includes allowing more duty-free imports from the US, offering warehouse facilities for American cotton and removing various non-tariff barriers.
Trump's announcement sent businesses scrambling. Orders froze. Buyers demanded discounts. Stock markets plummeted.
Bangladesh imported more yarn in 2024 than in the previous year, with the lion’s share of the key raw material for readymade garments (RMG) coming from India.
Tens of thousands of workers and officials have lost their jobs over the last six months following the closure of dozens of mills and factories mainly because of the owners’ political affiliations.
Bangladesh is likely to face more hurdles in the race to grab a bigger share of the global apparel market as the Indian government plans to step up its financial assistance to garment exporters.
Bangladesh’s garment shipments to the USA, the South Asian country’s single largest export destination, have been falling over the past two years due to a market correction although other major countries have already adjusted to the scenario.
A state advisory council yesterday remained undecided on whether to sell 16 textile and garment factories of Beximco Group, citing that further scrutiny of bank statements was required.
The 40,000 laid-off workers and officials of the 16 textile and garment units of Beximco Group want the factories to remain operational so that they can be reinstated.
US President-elect Donald Trump’s trade policies towards China and Mexico could ultimately benefit Bangladesh, according to local apparel exporters.
Labour union leaders yesterday suggested that the government amend the labour law, easing the condition of a 20 percent workers’ participation threshold to only 20 workers to facilitate freedom of association.
The government is trying to find jobs for 40,000 laid-off workers of Beximco Group in factories within the Bangladesh Export Processing Zone Authority (Bepza) and the Bangladesh Export Zones Authority (Beza), a senior labour ministry official said.
Elections at major trade bodies have missed the 90-day deadline as new administrators of the business organisations seek amendments to the governing rules.
