By: Brian Walczyk, Compliance Manager, TradeInsights, LCB, CCS

The Office of the United States Trade Representative (USTR) Ambassador Greer has recently signed two agreements on reciprocal trade.

First, on February 5, Ambassador Greer and Argentina’s Minister of Foreign Affairs, International Trade, and Worship Pablo Quirno signed the United States – Argentina Agreement on Reciprocal Trade and Investment (ARTI).

The agreement is set to enter into force 60 days after both countries complete their domestic legal procedures.

ARTI:

• 10% IEEPA Reciprocal ceiling (MFN stacks).
• Additional 80,000 metric tons of Argentine beef under tariff-rate quota.
• Additional IEEPA Reciprocal exemptions.
• Text of the agreement found here.
• Tariff schedule found here.
• Joint statement on ARTI found here.
• Fact sheet found here.

Second, on February 9, Ambassador Greer and Bangladesh’s Adviser for Commerce, Textiles and Jute, and Civil Aviation and Tourism Sheikh Bashir Uddin signed the United States – Bangladesh Agreement on Reciprocal Trade.

The agreement is set to enter into force 60 days after both countries complete their domestic legal procedures.

US-Bangladesh Agreement on Reciprocal Trade:

• 19% IEEPA Reciprocal rate (from 20%).
• Establish a tariff-rate quota for Bangladeshi textile and apparel imports.
• Additional IEEPA Reciprocal exemptions.
• Text of the agreement found here.
• Tariff schedule found here.
• Joint statement on ARTI found here.
• Fact sheet found here.

We will continue to monitor this situation and issue updates as needed. Please contact your V. Alexander account team, or you may also contact our Trade Compliance team at tradeinsights@valexander.com with any questions, and you can always follow us on our website www.valexander.com for updates on this and other topics.