Dhaka: Newly appointed Commerce Minister Khandakar Abdul Muktadir has announced that every clause of the trade agreement signed with the United States under the outgoing interim government will be meticulously reviewed in light of national interest. He made the remarks on Wednesday (25 February) during a press briefing at the Secretariat.
The minister explained that the United States’ proposed new tariff policy is still evolving. Reports indicate that Washington plans to implement a uniform 15 per cent tariff for all countries. Previously, certain countries faced reciprocal tariffs of up to 19 per cent, but the new plan would standardise the rate globally. However, he noted, Bangladesh has yet to receive any formal documentation regarding these changes.
Describing the matter as highly sensitive, Muktadir said, “We were bound by a non-disclosure agreement during the negotiations with the United States. It is prudent not to comment prematurely. Some provisions of the agreement may benefit us, while others may not. Every aspect will be carefully considered before any decision is taken.”
He urged journalists and stakeholders not to pressure for additional statements on the issue and emphasised maintaining a cautious stance in alignment with the country’s interests.
On domestic market conditions, the minister asserted that the situation remains largely stable, with import prices under control. Nevertheless, he warned that some unscrupulous traders were attempting to exploit the circumstances for personal gain.
Citing an example, he noted that lemon prices surged from 40–50 taka to 120 taka, only to drop back to 40 taka within three days. “There was no shortage of supply; some individuals simply sought to take advantage,” he said.
On the matter of extortion, the minister issued a firm warning, stating, “I will not merely give verbal assurances; our actions will demonstrate results.”
Referring to a recent incident in which two women were injured during a rush to purchase goods from the Trading Corporation of Bangladesh (TCB), Muktadir described it as “extremely regrettable.” He added that dealers have been warned to ensure better organisation and prevent similar occurrences in the future.
Summary of US Trade Agreement and Tariff Developments
| Issue | Current Status | Proposed Change | Comments |
|---|---|---|---|
| Reciprocal Tariff | Country-specific 19% | 15% for all countries | Final written document not yet received |
| Agreement Clauses | Uncertain | Will be thoroughly reviewed | Decisions to be made based on national interest |
| Market Stability | Controlled | Signs of volatility | Caused by opportunistic traders |
| Lemon Prices | 40–50 Taka | Spiked to 120 Taka | No supply shortage; opportunistic trading |
| Extortion | Present | Strict action planned | Measures to be implemented, not just promises |
Concluding the briefing, Minister Muktadir reiterated a call for vigilance among all stakeholders and reaffirmed the government’s firm commitment to safeguarding national trade policies and market regulation.