We’re ready to scale up US imports

Chief Adviser Prof Muhammad Yunus yesterday said Bangladesh is prepared to scale up its imports from the United States and hoped 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 US, 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," Prof Yunus said during a meeting with assistant United States Trade Representative Brendan Lynch at the Chief Adviser's Office in Tejgaon, Dhaka.

He was referring to the USTR's recent decision -- announced on July 31 -- to lower the reciprocal tariff rate on Bangladeshi exports to the US from 35 percent to 20 percent, a move he described as a significant milestone in bilateral trade relations, said Chief Adviser's Deputy Press Secretary Abul Kalam Azad Majumder.

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.

Emphasising continued progress in bilateral engagement, Yunus voiced optimism regarding the early signing of the draft bilateral trade agreement currently under negotiation.

The chief adviser also highlighted Bangladesh's actions in regard to the 11-point Labour Action Plan proposed by the US.

Looking ahead, Yunus said the interim government 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.

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 him and offered to unilaterally reduce the trade gap with the US.

"You dispatched a tough negotiating team who worked very hard and effectively," he told the chief adviser.

He emphasised the importance of timely implementation of the tariff agreements and the purchase commitments.

Commerce Adviser Sheikh Bashir Uddin, National Security Adviser Khalilur Rahman, USTR Director for South Asia Emily Ashby, Senior Secretary (SDGs Affairs) Lamiya Murshed, Commerce Secretary Mahbubur Rahman, and US Chargé d'Affaires Tracey Ann Jacobson were present.