Under the terms of the agreement, the United States has also committed to establishing a mechanism that will allow certain textile and apparel goods from Bangladesh to enter the US market at a zero reciprocal tariff rate, provided they are manufactured using US-produced cotton and man-made fibre.
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Chowdhury Ashik Bin Harun, executive chairman of the Bangladesh Investment Development Authority, said the negotiations had made progress but were unlikely to reach closure before the national election.
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Commerce Secretary Mahbubur Rahman said that attracting greater Japanese investment into Bangladesh is a key objective of the agreement and that this is also the first EPA Japan has signed with a least developed country.
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The BGMEA said import and export activities at the country’s principal seaport had been effectively suspended since 31st January due to work stoppages by port workers and employees, resulting in significant cargo backlogs.
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Business leaders highlighted the importance of digitalisation, automation and the implementation of a Single Window system to enhance transparency and accountability.
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During the January–November period, total US apparel imports edged lower, declining 1.44% in value and 3.23% in volume. Average import prices, however, rose by 1.85% over the period.
