Business
Why food fraud persists, even with improving tech
Even with sophisticated technology it is still difficult to detect fake foods.
Source link
In exchange, Bangladesh has agreed to provide “significant preferential market access” to a host of American agricultural and industrial goods. These include opening up its markets to more US chemicals, medical devices, car parts, soy products and meat, said the White House.
The United States and Bangladesh on Monday finalised the United States–Bangladesh Agreement on Reciprocal Trade, wrapping up negotiations as both countries stepped in to strengthen bilateral economic ties. Under the revised framework, Bangladeshi exports to the American market will attract a 19% tariff, marginally lower than the 20% imposed in August and significantly below the original reciprocal rate of 37%. The agreement was signed by US Trade Representative Jamieson Greer and Bangladesh’s Adviser for Commerce, Textiles and Jute, and Civil Aviation and Tourism, Sheikh Bashir Uddin, in the presence of Bangladesh Commerce Secretary Mahbubur Rahman and Assistant US Trade Representative Brendan Lynch.
Key terms of the agreement
- Perks for Bangladesh: Washington will reduce the reciprocal tariff imposed under Executive Order 14257 to 19% on Bangladeshi goods. In addition, selected products listed in Annex III of Executive Order 14346 will qualify for a zero-tariff rate. The United States has committed to creating a mechanism under which certain textile and apparel products from Bangladesh can qualify for a zero reciprocal tariff rate. Under this arrangement, a yet-to-be-finalised volume of garments and textile imports from Bangladesh will be allowed to enter the US at the reduced rate. The permitted volume will depend on Bangladesh’s imports of American textile inputs, such as US-produced cotton and man-made fibres, effectively tying the benefit to the level of US exports.
- Perks for US: Bangladesh will grant wide preferential entry to US industrial and agricultural products, covering chemicals, medical devices, machinery, automobiles and components, ICT equipment, energy supplies, soy items, dairy, beef, poultry, nuts and fruit.
- Both governments will seek to remove Bangladeshi non-tariff barriers affecting trade and investment. Measures include recognising vehicles meeting US federal safety and emission rules, accepting US Food and Drug Administration certificates and prior approvals for pharmaceuticals and medical devices, and ending import restrictions or licensing on US remanufactured products and parts.
- Bangladesh will enable trusted cross-border data flows, support a lasting WTO ban on customs duties for electronic transmissions, rely on science- and risk-based systems for safe American food and farm imports, open up the insurance sector, digitise customs and adopt sound regulatory practices.
- Commitments have also been made on labour. Bangladesh will act to uphold internationally recognised rights, prohibit imports made through forced or compulsory labour, amend legislation to secure freedom of association and collective bargaining, and tighten enforcement.
- Dhaka has pledged to maintain strong environmental safeguards, implement its environmental laws, improve trade facilitation at the border and tackle market distortions linked to subsidies and state-owned firms. Furthermore, the South Asian giant has committed to reinforce and apply comprehensive anti-corruption legislation.
- On intellectual property, Bangladesh will pursue tougher protection and enforcement, including ratifying or joining certain global treaties. It will also introduce provisions on geographical indications aimed at ensuring continued US market access, particularly for producers of cheese and meat that use common names.
- The two countries intend to align more closely on economic and national security matters, strengthening supply chains and innovation while working together against unfair trade practices, duty evasion, export control risks and by exchanging information on inbound investment.
- American agencies such as the Export-Import Bank and the US International Development Finance Corporation may, where eligible and in accordance with law, look at backing investment in priority Bangladeshi sectors alongside US private firms.
- The two countries also acknowledged recent and upcoming commercial agreements spanning agriculture, energy and technology. These include the procurement of aircraft, the purchase of around $3.5 billion worth of American agricultural commodities such as wheat, soy, cotton and corn, and energy imports estimated to be valued at $15 billion over the next 15 years.
Both sides said they would proceed promptly, following their respective internal processes, to complete formalities required for the Agreement on Reciprocal Trade to take effect.
The tech giants are under scrutiny over social media addiction in a landmark jury trial in Los Angeles
Source link
Cotton dominates Luxembourg apparel imports despite market slowdown
PCB chairman says neither he nor field marshal fears anyone – SUCH TV
India, Malaysia agree to boost trade facilitation during PM Modi visit
-
Entertainment4 days agoHow a factory error in China created a viral “crying horse” Lunar New Year trend
-
Tech1 week agoHow to Watch the 2026 Winter Olympics
-
Business1 week agoNew York AG issues warning around prediction markets ahead of Super Bowl
-
Business1 week agoPost-Budget Session: Bulls Push Sensex Up By Over 900 Points, Nifty Reclaims 25,000
-
Entertainment1 week agoThe Traitors’ winner Rachel Duffy breaks heart with touching tribute to mum Anne
-
Fashion1 week agoCanada could lift GDP 7% by easing internal trade barriers
-
Tech1 week agoI Tested 10 Popular Date-Night Boxes With My Hinge Dates
-
Tech1 week agoThe Best Floodlight Security Cameras for Your Home