Just 72 hours before Bangladesh heads to the polls on February 12, the United States and Bangladesh are set to sign a high-stakes trade agreement on February 9 — triggering a political and economic storm amid allegations of secrecy and backroom negotiations. The timing of the deal has raised eyebrows across political and industry circles, with critics questioning why such a far-reaching agreement is being finalised on the eve of a national election and without public scrutiny. Neither the full text nor even a draft of the agreement has been shared with Parliament, opposition parties, or key industry stakeholders.

Bangladesh’s urgency is being driven by mounting economic anxiety following the India–US trade agreement, under which tariffs on Indian goods were slashed to 18 per cent. Dhaka fears that unless it secures equally competitive — or better — terms, it risks losing crucial market share to India in the US, especially in the ready-made garment (RMG) sector. The stakes could hardly be higher. RMG exports account for nearly 90 per cent of Bangladesh’s total exports to the US, making tariff rates a matter of economic survival. Washington had imposed a punitive 37 per cent tariff on Bangladeshi goods in April 2025, a move that sent shockwaves through the country’s export industry. After intense negotiations, tariffs were reduced to 35 per cent in July and further brought down to 20 per cent in August. The upcoming agreement is expected to cut tariffs again — this time to around 15 per cent.

Fueling the controversy further is a Non-Disclosure Agreement signed in mid-2025 by the interim government led by Muhammad Yunus, committing Bangladesh to keep all tariff and trade negotiations with the US strictly confidential. The NDA has effectively shut out lawmakers, trade bodies, and the public from any insight into the deal’s conditions, concessions, or long-term implications. Opposition leaders and trade unions have slammed the secrecy, warning that a deal signed in haste and silence could bind the next elected government and reshape Bangladesh’s trade policy without democratic consent. Industry insiders, too, have expressed unease, saying they are being asked to compete globally without knowing the rules under which they will operate.

As Bangladesh prepares to vote, the shadow of a secretive, election-eve trade pact looms large — raising a pressing question: who really benefits from a deal signed behind closed doors, just days before the people cast their ballots?