Bangladesh will be benefited by the United States' withdrawal of the Trans-Pacific Partnership (TPP) trade deal, Finance Minister AMA Muhith has said.
“As Vietnam is our main competitor in the US market, especially in RMG sector, the TPP cancellation will reduce the competition for our exporters,” he told reporters on Wednesday.
President Donald Trump signed an executive order on Tuesday pulling out of the 12-nation trade deal that covered 40% of the world's economy.
It was a cornerstone of president Obama's Asia policy but Trump had criticised it as a “potential disaster for our country” during his campaign.
The deal was negotiated in 2015 by countries including US, Japan, Malaysia, Australia, New Zealand, Canada and Mexico. China was not part of the agreement.
Muhith said the government would be busy with implementing its election pledges in the next years before the 2019 national polls.
However, the government planned enacting bank merger and acquisition law within two years, he added.