Commerce Adviser Sk. Bashir Uddin spoke at a views exchange meeting held at the Bangladesh Secretariat today. Photo: PID

DHAKA, April 16, 2025 (BSS) – Commerce Adviser Sk. Bashir Uddin has reiterated his high hope for resolving the US reciprocal tariff issue under the directives of the Chief Adviser and also combining the economic capacity and trade potentials of the country.

“The Chief Adviser is very much associated with the matter and we, in the Advisers’ Council, are also holding meetings with the concerned persons time to time,” he said.

The Commerce Adviser was speaking at a meeting for views exchange on the imposition of the 37 percent reciprocal tariff by the US, challenges, potentials and the government’s possible measures at Bangladesh Secretariat here today.

Organized by the Bangladesh Secretariat Reporters Forum (BSRF), its president Fasih Uddin Mahtab presided over the event while general secretary Masudul Haque moderated it.

US President Donald Trump has recently backed off his tariffs on most nations for 90 days, saying countries were lining up to negotiate more favorable conditions.

Chief Adviser Professor Muhammad Yunus earlier wrote to US President Donald Trump, urging him to delay the implementation of reciprocal tariff measures on Bangladesh for three months.

The Commerce Adviser informed that the Special Envoy of the Chief Adviser on International Affairs Lutfey Siddiqi, Commerce Secretary Mabubur Rahman would visit the USA next week alongside the Finance Adviser to hold meetings with the concerned US agencies on the tariff issue including the USTR and thus would identify more specified steps.

Upon their return, Bashir said, he would then go to the USA and hold meeting with his counterpart.

“Then we’ll place more specific proposals before the USA and Insha Allah, we’ll resolve the problem under the directives of the Chief Adviser combining the economic capacity and trade potentials of the country,” he added.

He went on saying, “we won’t go towards wrong economic policy,”

In order to reduce the trade deficit with the USA, he said that the government is trying to find out the complimentary elements of economy like properly handling the prices and tariff on animal feed and soybean oil properly alongside developing some infrastructure facilities which would enhance the competitive edge and quality of the products and thus reduce the trade gap.

The Commerce Adviser said that the main goal of the interim government, under the dynamic leadership of Chief Adviser Professor Muhammad Yunus, is to establish “insaf”.

He informed that the government over the last few months has cleared a foreign liability of over Taka 50,000 crore while the general point to point inflation has been declining gradually as it is poised to come down around 6 percent by this June and July as mentioned by the central bank Governor.

Replying to a question, he said that during the visit, the Bangladesh delegation would highlight the tariff and non-tariff structure before the USA and would try to know about their desires, and thus determine the next work plan.

Answering to a question, he said that the government while pursuing its plan would be able to convince the concerned US agencies over the tariff issue. 

The government is yet to get any response from the USTR following their letter, he told another questioner.

Bashir said that under the current circumstances, they are not worried at all as some orders are expected to come to Bangladesh as rival China is still experiencing over 100 percent tariff by the USA. 

Besides, he said that the country’s RMG industry owners are more confident that there would be no such impact on them.

Replying to a question on the visit of the Pakistan Foreign Secretary to Bangladesh, he said, “I’ve said time and again that I want trade inclusion and I want to lift the country’s trade base to a more diversified and wider scale,”

He said, I’ve no problem to trade with India, China and Pakistan. But, what matters most to me is upholding the interests of the people of Bangladesh. We’ll trade with all countries for the sake of our interests,”

Responding to another question on the withdrawal of the transshipment facility by India, he said the government is not looking for alternatives rather working it out.

Citing that around Taka 2,000 crore of additional cost as ‘business cost’ would be involved for such move, Bashir said that he already received directives from the Chief Adviser in the regard while the cargo handling of Biman would be improved further with his new assignment as the Adviser to the Ministry of Civil Aviation and Tourism.

He said the government has been able to contain the inflation through diversifying the market and improving the supply chain. In the same way extra cost due to India’s transshipment withdrawal could be minimized to zero or even downwards.

About the high price of rice, he said that such price is expected to be stabilized with the possible bumper harvest of paddy because of favourable weather.

Answering to another query on the impact of edible oil price hike, the Commerce Adviser said that the government is trying to boost up its local production and enhance competition to make its market more stable to save foreign currency and reduce bank loans as the government had to lose around Taka 550 crore revenues every month for providing duty preferences on edible oil.

“I hope, edible oil price will be stabilized again, but I can’t say specifically when,” he added.