No reason to worry about trade deal with US: Commerce Minister

Commerce Minister Khandaker Abdul Muktadir has said there is no reason to be unnecessarily worried about the trade agreement between Bangladesh and the United States, as any international deal is built on coordination between both parties to create a "win-win" situation by considering each other's interests.

The minister made these remarks while speaking to journalists after a meeting with Brendan Lynch, Assistant US Trade Representative for South and Central Asia, at the conference room of the Ministry of Commerce on Tuesday, May 5.

Muktadir said the current government is not the initiator of the agreement but inherited it as part of state continuity. "An agreement made between states cannot be annulled arbitrarily like a personal contract. This is a reality, and we want to utilise it to its fullest to expand the country's trade and investment."

The minister also mentioned that the US has recently initiated an investigation process. Bangladesh has sought clarification on the matter and has conveyed its position based on the explanation received. "We have clearly stated that it would have been more positive if such an investigation had not been initiated under the existing agreement," he said.

Highlighting Bangladesh's production and trade realities, he stressed that there is no "overcapacity" in any sector, and allegations of dumping by Bangladesh are baseless. "Most of our products are imported. Exports, especially readymade garments, operate under strict international compliance standards with no scope for labour law violations or child labour."

Regarding the possibility of terminating the agreement, the minister said the government always prioritises national interest. If any clause is against Bangladesh's interests, the agreement itself provides scope for amendment. He referred to this as a "self-correcting element" and urged against unnecessary panic.

The meeting also discussed ways to strengthen bilateral trade and investment ties between the two countries. Commerce Secretary Md Abdur Rahim Khan was present.