US Bangladesh Secret Deal: After the recent trade deal between India and America, now another important movement is being seen in South Asia. India’s neighboring country Bangladesh has also taken steps towards a trade agreement with America. The special thing is that Bangladesh is going to seal an allegedly secret trade deal with America on February 9, and this development has come just three days before the parliamentary elections to be held there. The timing of this agreement, about a week after the India-US trade deal, has raised serious questions among the industry and policy experts of Bangladesh.
Why questions on trade deal?
The biggest concern regarding this proposed deal is its transparency and timing. According to Bangladeshi media reports, the terms of this agreement with America will not be made public and its draft will be kept completely confidential. Major daily newspapers of Bangladesh prothom alo According to him, making such a big and far-reaching agreement in the last phase of the government’s tenure is creating an uncomfortable situation. If this deal is signed on February 9, it will be a decision just before the end of the interim government and voting for the 13th parliamentary election.
The concern of the industry has also increased because after the recent trade deal between India and America, the 50 percent tariff imposed on India has been reduced to 18 percent. It is believed that the detailed details of the India-America agreement will be made public soon. Union Commerce Minister Piyush Goyal himself has indicated that the details of the bilateral trade agreement may be revealed in the next four to five days and an executive order may also be issued by the US to implement the 18 percent tariff. On the contrary, the apprehensions have deepened due to the Bangladesh-America deal being kept completely confidential.
Why is concern being raised?
Business organizations in Bangladesh fear that this agreement may have a negative impact on many key sectors, especially readymade garments and export-based industries. Enamul Haq Khan, senior vice president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), has raised questions on the timing of this deal, saying that such a big and long-term impact trade deal should have been done by the post-election government. He believes that taking such decisions by the temporary government can create problems for both the future government and the industry.
Overall, after the India-US trade deal, this step of Bangladesh is being considered important from the point of view of regional trade balance, but the way this agreement is being done just before the elections and without public information, it has increased the uneasiness within Bangladesh at both political and economic levels. In the coming days, it will be important to see what are the terms of this secret deal and how deep its impact is on the economy and industries of Bangladesh.
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