Latest news with #MahmudHasanKhan
Fashion Network
09-07-2025
- Business
- Fashion Network
Bangladesh negotiates with Washington to avoid tariff hike
As it faces the threat of steep new U.S. tariffs, Bangladesh—the world's second-largest textile exporter—is negotiating a trade deal with Washington, a senior government official told AFP on Tuesday. The textile industry remains the backbone of Bangladesh's economy—accounting for 80% of the country's exports, contributing 20% of its GDP and providing direct employment to four million people. With its competitive labour costs, Bangladesh ranks among the world's top apparel suppliers—holding second place for the European Union and third for the United States. The country sends around 20% of its total exports to the U.S., supplying major global brands including Timberland, Vans and The North Face. 'We're hopeful about reaching a reduction, as the U.S. Trade Representative (USTR) has sent us another draft agreement,' said Mahbubur Rahman, secretary at Bangladesh's Ministry of Commerce. He added that two senior members of the country's interim government—tasked with overseeing national security and trade—are currently in the United States negotiating the proposal. In April, the U.S. President announced plans to raise tariffs on Bangladeshi goods entering the American market, increasing the rate from 16% to 37%, before later adjusting the proposal to 35%. At the time, he framed the measure as part of a broader strategy targeting countries with which the U.S. runs significant trade deficits. Official data shows that Bangladesh exported $8.36 billion worth of goods to the U.S. in 2024, while importing just $2.21 billion in return. To help narrow that gap, Bangladesh offered to ramp up imports of key American products—including wheat, cotton, oil, gas and Boeing aircraft. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), called the tariff threat 'a huge challenge for the entire sector.' 'We're deeply concerned about job losses in Bangladesh and the future of our most important export market, the United States,' added Mohiuddin Rubel, former BGMEA president. (With AFP)
Fashion Network
09-07-2025
- Business
- Fashion Network
Bangladesh negotiates with Washington to avoid tariff hike
As it faces the threat of steep new U.S. tariffs, Bangladesh—the world's second-largest textile exporter—is negotiating a trade deal with Washington, a senior government official told AFP on Tuesday. The textile industry remains the backbone of Bangladesh's economy—accounting for 80% of the country's exports, contributing 20% of its GDP and providing direct employment to four million people. With its competitive labour costs, Bangladesh ranks among the world's top apparel suppliers—holding second place for the European Union and third for the United States. The country sends around 20% of its total exports to the U.S., supplying major global brands including Timberland, Vans and The North Face. 'We're hopeful about reaching a reduction, as the U.S. Trade Representative (USTR) has sent us another draft agreement,' said Mahbubur Rahman, secretary at Bangladesh's Ministry of Commerce. He added that two senior members of the country's interim government—tasked with overseeing national security and trade—are currently in the United States negotiating the proposal. In April, the U.S. President announced plans to raise tariffs on Bangladeshi goods entering the American market, increasing the rate from 16% to 37%, before later adjusting the proposal to 35%. At the time, he framed the measure as part of a broader strategy targeting countries with which the U.S. runs significant trade deficits. Official data shows that Bangladesh exported $8.36 billion worth of goods to the U.S. in 2024, while importing just $2.21 billion in return. To help narrow that gap, Bangladesh offered to ramp up imports of key American products—including wheat, cotton, oil, gas and Boeing aircraft. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), called the tariff threat 'a huge challenge for the entire sector.' 'We're deeply concerned about job losses in Bangladesh and the future of our most important export market, the United States,' added Mohiuddin Rubel, former BGMEA president. (With AFP)
Kuwait Times
30-06-2025
- Business
- Kuwait Times
Strike cripples Bangladesh's biggest port
CHITTAGONG: Container cranes lie non-operational at the Chittagong Port in Chittagong on June 29, 2025.-- AFP DHAKA: Operations at Bangladesh's biggest port were suspended on Sunday as a strike by customs officials brought shipping activity to a halt. The shutdown at Chittagong Port is part of an ongoing dispute between tax authority employees and the government, which is trying to overhaul the body. 'The port typically handles around 7,000 to 8,000 containers daily... But since this morning, there has been no movement in offloading or onboarding of goods,' said Mohammed Omar Faruq, secretary of the Chittagong Port Authority. 'This is having a huge impact on the country's economic situation,' he told AFP. Bangladesh is the world's second-largest garment manufacturer, while textile and garment production accounts for about 80 percent of the country's exports. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said the halt in port operations would cost the industry $222 million. 'The cost of recovery will be staggering—beyond comprehension—and many factories risk going bankrupt,' he told AFP. Staff at the National Board of Revenue (NBR) have been striking on and off for weeks over plans to split the authority into two separate bodies. Bangladesh's interim leader, Nobel Peace Prize laureate Muhammad Yunus, urged them to end the walkout. 'We hope NBR's staff will report back to work setting aside their unlawful program that goes against the national interest of the country,' his office said in a statement. 'Otherwise for the sake of the people of this country and safeguarding the economy the government will be left with no option but to act firmly,' the statement added. NBR staff were prevented from entering their offices on Sunday after a government order sought to stop them from protesting within their building premises. Meanwhile, 13 business chambers held a press conference on Saturday urging the government to resolve the issue as soon as possible. — AFP
Express Tribune
30-06-2025
- Business
- Express Tribune
Strike shuts down Bangladesh's biggest port
Operations at Bangladesh's biggest port were suspended on Sunday as a strike by customs officials brought shipping activity to a halt. The shutdown at Chittagong Port is part of an ongoing dispute between tax authority employees and the government, which is trying to overhaul the body. "The port typically handles around 7,000 to 8,000 containers daily... But since this morning, there has been no movement in offloading or onboarding of goods," said Mohammed Omar Faruq, secretary of the Chittagong Port Authority. "This is having a huge impact on the country's economic situation," he told AFP. Bangladesh is the world's second-largest garment manufacturer, while textile and garment production accounts for about 80 percent of the country's exports. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said the halt in port operations would cost the industry $222 million. "The cost of recovery will be staggering -- beyond comprehension -- and many factories risk going bankrupt," he told AFP. Staff at the National Board of Revenue (NBR) have been striking on and off for weeks over plans to split the authority into two separate bodies. Bangladesh's interim leader, Nobel Peace Prize laureate Muhammad Yunus, urged them to end the walkout. "We hope NBR's staff will report back to work setting aside their unlawful programme that goes against the national interest of the country," his office said in a statement. "Otherwise for the sake of the people of this country and safeguarding the economy the government will be left with no option but to act firmly," the statement added. NBR staff were prevented from entering their offices on Sunday after a government order sought to stop them from protesting within their building premises. Meanwhile, 13 business chambers held a press conference on Saturday urging the government to resolve the issue as soon as possible.
Qatar Tribune
29-06-2025
- Business
- Qatar Tribune
Strike cripples Bangladesh's biggest port
Agencies Operations at Bangladesh's biggest port were suspended on Sunday as a strike by customs officials brought shipping activity to a halt. The shutdown at Chittagong Port is part of an ongoing dispute between tax authority employees and the government, which is trying to overhaul the body. 'The port typically handles around 7,000 to 8,000 containers daily... But since this morning, there has been no movement in offloading or onboarding of goods,' said Mohammed Omar Faruq, secretary of the Chittagong Port Authority. 'This is having a huge impact on the country's economic situation,' he told AFP. Bangladesh is the world's second-largest garment manufacturer, while textile and garment production accounts for about 80 percent of the country's exports. Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association, said the halt in port operations would cost the industry $222 million. 'The cost of recovery will be staggering—beyond comprehension—and many factories risk going bankrupt,' he told AFP. Staff at the National Board of Revenue (NBR) have been striking on and off for weeks over plans to split the authority into two separate bodies. Bangladesh's interim leader, Nobel Peace Prize laureate Muhammad Yunus, urged them to end the walkout. 'We hope NBR's staff will report back to work setting aside their unlawful program that goes against the national interest of the country,' his office said in a statement. 'Otherwise for the sake of the people of this country and safeguarding the economy the government will be left with no option but to act firmly,' the statement added. NBR staff were prevented from entering their offices on Sunday after a government order sought to stop them from protesting within their building premises. Meanwhile, 13 business chambers held a press conference on Saturday urging the government to resolve the issue as soon as possible.
