Bangladesh is rushing to finalise a secret trade agreement with the United States just days before its national elections on February 12. The deal, led by the interim government of Muhammad Yunus, is set to be signed on February 9, but its terms remain undisclosed, drawing criticism from politicians, economists, and exporters.
The urgency is linked to India’s recent US trade pact, which cut tariffs for Indian exports. Bangladesh fears losing its competitive edge, especially in the ready-made garment (RMG) sector, which makes up around 90% of exports to the US and generates billions of dollars for the economy.
Currently, Bangladeshi goods face US tariffs around 20%, down from a previous 37%. The new secret deal could reduce tariffs further, but exact details remain unknown.
Critics warn that signing a major trade deal under an interim government, just before elections, raises questions on transparency and accountability. Business groups like the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) fear the lack of clarity may affect jobs and competitiveness if the terms are not properly evaluated.
Observers also caution that the agreement could limit the incoming government’s economic policy options, tying its hands on trade decisions. Analysts suggest the move reflects broader geopolitical strategies, with the US seeking to expand market influence in the region.
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