Finance Adviser Salehuddin Ahmed on Wednesday said that the details of Bangladesh's recent negotiations with the United States on tariff issues do not need to be made public.
"There are some matters that cannot be made public, I won't say more than this now," he said while reporters asked him to disclose the conditions during the recent negotiations of Bangladesh and US governments on tariff issues.
The adviser made the remarks after holding meetings of Advisers Council Committee on Economic Affairs and Advisers Council Committee on Government Purchase held at the Secretariat.
"This is not multilateral negotiation, this is not WTO, this is not UN where there will be resolution and everyone will know it," he added.
When asked whether he was satisfied with the 20% additional tariff on Bangladeshi exports to the US, he replied, "I would have been happier if the rate was brought down a bit further. Though it's not perfect it is still comfortable."
The adviser said that the rate has come down from 35% to 20%.
"This is not bad, if you compare with other countries then we can say Bangladesh is not in a bad position," he added.
He also said that knitwear factories of the country would be able to quickly adjust to the development, adding that woven factories would face some challenges due to the lack of a backward linkage system.
"The agreement hasn't been signed yet. We will review where we can further reduce duties," he said.
Regarding the much-talked-about reforms by the interim government, the finance adviser said that this government has inducted some short-term reforms in the financial sectors while it will take time for mid-term and long-term reforms.
He asserted that Bangladesh Bank has prepared a roadmap for the banking sector which needs time.
"Capital market is also trying to bring some reforms, some progress is expected there," he further said.
He also that the government will make some amendments in the National Board of Revenue Ordinance that will divide the NBR in to Revenue Policy Division and Revenue Management Division.
Salehuddin also said the government is taking projects which are very much relevant and which can be implemented quickly as this interim government has less time.
Replying to a question regarding the success of the government in the last one year, he said the economy of the country has come a long way from the verge of falling in to a ditch.
He also said that there was precarious situation in the economic sector which was a challenge, but now it has come to a more comfortable position.
Regarding inflation, he said it has been brought to a relatively manageable level.
"It will take more time to fully stabilise. Non-food inflation still poses a challenge," the adviser further added.
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