Delegations from the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) held a meeting with Assistant United States Trade Representative (AUSTR) Brendan Lynch.
A delegation from the United States Trade Representative’s (USTR) office, currently in Dhaka, has said that Bangladeshi exports sent to the US may get lower tariffs if more than 20% of the goods’ raw materials are sourced from the US, adding that the tariff reduction would apply only to that portion of the product.
While this is mentioned in the US executive order, the delegation noted that work is currently underway to determine how the traceability of these raw materials will be ensured.
The American delegation, led by Assistant USTR for South and Central Asia Brendan Lynch, shared the development during a meeting with the leadership of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in Dhaka. The US Embassy in Dhaka organised the meeting at the Chief of Mission’s Residence in the capital’s Gulshan.
Following the meeting, a BGMEA press release said, “According to the US executive order, if garment products exported from Bangladesh contain over 20% US raw materials, then the 20% additional tariff imposed on those products will be proportionally waived.”
News Courtesy: Tbsnews