No cause for concern over Bangladesh-US trade deal: Commerce minister

Commerce Minister Khandakar Abdul Muktadir has said there is no reason for undue concern over the Bangladesh-US trade agreement, stressing that such deals are designed to ensure mutual economic benefits for both.

Speaking to reporters following a meeting with US Assistant Trade Representative for South and Central Asia Brendan Lynch at the Commerce Ministry today (5 May), he said international agreements are built on coordination between the two sides to create a “win-win” situation.

The minister noted that the current government did not initiate the agreement but inherited it as part of state continuity.

“International agreements are built on the coordination of two parties, keeping the interests of both sides in mind. There is no reason for unnecessary concern over this deal,” Muktadir said.

“State-level agreements are not like personal contracts that can be cancelled at will. This is a reality, and we want to utilise it to the fullest to expand trade and investment,” he said.

The minister referred to a recent investigation initiated by the United States, saying Bangladesh has sought clarification and conveyed its position after reviewing the explanation provided.

“We clearly stated that it would have been more positive if such an investigation had not been initiated within the context of the existing agreement,” he noted.

Highlighting Bangladesh’s production and trade landscape, Muktadir said there is no “overcapacity” in any sector and dismissed allegations of dumping as baseless.

“Bangladesh imports most of its goods. The products we export, particularly in the ready-made garment sector, are produced under strict international compliance. There is no scope for labour law violations or child labour,” he said. 

When asked about the possibility of cancelling the agreement, the commerce minister said any clause that goes against Bangladesh’s interests can be revised within the framework of the agreement itself.

He pointed out that the agreement contains “self-correcting elements,” allowing for any clause detrimental to Bangladesh’s interests to be amended within the existing framework.

The meeting also discussed ways to strengthen bilateral trade and investment ties between Bangladesh and the United States. Commerce Secretary (routine charge) Md Abdur Rahim Khan was present, among others.