Bangladesh ready to scale up imports from US: CA Yunus
Yunus noted that Bangladesh is prepared to scale up imports from the United States and expressed hope that this would pave the way for further tariff reductions
Chief Adviser Muhammad Yunus on Monday said Bangladesh is prepared to scale up its imports from the United States and hoped that this would pave the way for further tariff reductions, contributing to a more sustainable and mutually beneficial trade partnership.
He reaffirmed Bangladesh's strong commitment to deepening bilateral relations with the United States, particularly in trade, investment, energy and development cooperation.
"Thank you very much for the support. We are very happy about what has happened. This is key to our economy," Yunus said during a meeting with Assistant United States Trade Representative (AUSTR) Brendan Lynch at the Chief Adviser's Office in Tejgaon, Dhaka.
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During the meeting, both sides discussed strategies to reduce the trade imbalance between the two countries, as well as Bangladesh's intention to expand imports of US agricultural products such as cotton and soybeans.
Discussions also covered enhanced energy cooperation, including LPG imports from the US, civil aircraft purchases, drug control measures and the ongoing Rohingya humanitarian crisis.
He was referring to the USTR's recent decision, announced on 31 July, to lower the reciprocal tariff rate on Bangladeshi exports to the US from 35% to 20%, a move he described as a significant milestone in bilateral trade relations, said a press release by the Chief Adviser's Press Wing.
Emphasising continued progress in bilateral engagement, he voiced optimism regarding the early signing of the draft bilateral trade agreement currently under negotiation.
"Our interests are closer to those of the United States. That makes this process easier and more promising," he said.
The chief adviser also highlighted Bangladesh's actions in regard to the 11-point Labour Action Plan proposed by the US, underscoring the government's dedication to upholding international labour standards and fair practices.
Looking ahead, Yunus said the interim government of Bangladesh expects increased flows of investment and concessional credit in key sectors such as health and education.
"We must make sure the door to US investment in Bangladesh becomes wider," he said, reassuring the visiting USTR team that the interim government would improve the climate for foreign direct investment in the country.
AUSTR Brendan Lynch commended the constructive approach taken by Bangladeshi counterparts throughout the trade dialogue and welcomed the strengthening partnership between the two nations.
He appreciated that Bangladesh began the process back in February when the national security adviser met with him and offered to unilaterally reduce the trade gap with the US.
He noted that this early start had a positive impact on smooth negotiations and the outcome of the process.
"You dispatched a tough negotiating team who worked very hard and effectively", he said to the chief adviser.
He emphasised timely implementation of the tariff agreements and the purchase commitments.
Also present at the meeting were Commerce Adviser Sheikh Bashir Uddin, National Security Adviser Khalilur Rahman, USTR Director for South Asia Emily Ashby, Senior Secretary for SDG Affairs Lamiya Murshed, Commerce Secretary Mahbubur Rahman, and US Chargé d'Affaires Tracey Ann Jacobson.
