US envoy calls for swift ART reforms, sees expanded trade and investment opportunities
Christensen also stressed the need for improvements in contract enforcement, a more predictable policy environment and modernised business practices to attract greater US investment.
US Ambassador to Bangladesh Brent T Christensen urged Dhaka to promptly implement reforms under the newly signed Agreement on Reciprocal Trade (ART), saying the deal safeguards access to the US market at lower tariffs while opening new avenues for trade and investment.
Speaking at a high-level luncheon and policy dialogue today (28 April), hosted by AmCham Bangladesh titled "Advancing US-Bangladesh Economic Partnership" at Sheraton Dhaka in Banani, the envoy said the agreement would also require Bangladesh to reform tariff and non-tariff barriers to facilitate increased imports from the United States and help rebalance bilateral trade.
"The ART is an excellent agreement, which preserves Bangladesh's access to the critical US market with competitive 19% tariffs down from 35% without the agreement, while making changes in Bangladesh's tariffs and non-tariff trade barriers designed to encourage imports from the United States to balance our trade," Christensen said.
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He added that full implementation of the deal could accelerate not only bilateral trade but also Bangladesh's broader economic development.
The ambassador noted that Bangladesh has committed to purchasing $3.5 billion worth of US agricultural products—including wheat, soy, cotton and corn—as well as $15 billion in energy products over the next 15 years.
"These aren't aid packages; these are commercial deals that create jobs and opportunities in both our countries," he said.
Christensen also stressed the need for improvements in contract enforcement, a more predictable policy environment and modernised business practices to attract greater US investment.
Highlighting Bangladesh's potential, he said its young workforce, sizeable domestic market and strategic location could position it as a major manufacturing hub in the 21st century.
Commerce Minister Khandaker Abdul Muktadir, who attended the event as the chief guest, emphasised strengthening economic ties through export diversification, expanded market access and increased investment flows.
He said Bangladesh's trade with the United States continues to grow but remains heavily reliant on ready-made garment exports, underscoring the importance of diversification.
The minister added that the government is prioritising sectors such as pharmaceuticals, leather goods, agricultural products, light engineering and ICT to broaden the export base.
He also sought continued US support for Bangladesh's smooth graduation from least developed country (LDC) status, noting that Dhaka has proposed extending the transition period and is targeting November 2029 for graduation.
On investment, Muktadir said US involvement in Bangladesh's energy sector has been encouraging, though overall investment remains below potential, indicating the need to further boost investor confidence.
AmCham Bangladesh President Syed Ershad Ahmed delivered the welcome remarks, while speakers at the event called for deeper bilateral cooperation in trade, investment and economic development.
