Dhaka hails Trump for TPP statement

Commerce Minister Tofail Ahmed  yesterday congratulated US President-elect Donald Trump for his statement that Washington will quit the Trans-Pacific Partnership (TPP) trade deal on his first day at the White House. “I congratulate the US president-elect for his stance that Washington will pull out of the TPP.  Bangladesh will benefit from the decision,” he said. Tofail also hoped to get benefits from the labor secretary under the Trump administration. The commerce minister was speaking at a ‘Meet the Reporters’ program at Dhaka Reporters Unity (DRU).
A total of 12 countries, including the United States, Australia, Japan, Malaysia, New Zealand, Canada and Mexico, signed the TPP deal in 2015. However, the deal is yet to be ratified by all other countries. As per the deal, the countries that are responsible for the 40 per cent of the world’s trade will enjoy the duty free access in bilateral trade. Because of this, Vietnam will get duty free access for exporting its RMG products to the US market whereas Bangladesh will have to pay 16 per cent tax for exporting the same products to the same market. Bangladesh is one of the countries who had fallen into a list of the countries without the GSP (Generalised Scheme of Preferences) facility. Bangladesh had a meeting with the US last year lobbying for the restoration of the GSP facility during the meeting of Trade and Investment Cooperation Framework Agreement (TICFA). However, Dhaka failed to bring home any favourable results from that meet.

Dhaka hails Trump for TPP statement

Commerce Minister Tofail Ahmed yesterday congratulated US President-elect Donald Trump for his statement that Washington will quit the Trans-Pacific Partnership (TPP) trade deal on his first day at the White House. I congratulate the US president-elect for his stance that Washington will pull out of the TPP. Bangladesh will benefit from the decision, he said. Tofail also hoped to get benefits from the labor secretary under the Trump administration. The commerce minister was speaking at a Meet the Reporters program at Dhaka Reporters Unity (DRU). A total of 12 countries, including the United States, Australia, Japan, Malaysia, New Zealand, Canada and Mexico, signed the TPP deal in 2015. However, the deal is yet to be ratified by all other countries. As per the deal, the countries that are responsible for the 40 per cent of the worlds trade will enjoy the duty free access in bilateral trade. Because of this, Vietnam will get duty free access for exporting its RMG products to the US market whereas Bangladesh will have to pay 16 per cent tax for exporting the same products to the same market. Bangladesh is one of the countries who had fallen into a list of the countries without the GSP (Generalised Scheme of Preferences) facility. Bangladesh had a meeting with the US last year lobbying for the restoration of the GSP facility during the meeting of Trade and Investment Cooperation Framework Agreement (TICFA). However, Dhaka failed to bring home any favourable results from that meet.