Desk Report:
Principal Advisor Professor Muhammad Yunus has reiterated his commitment to further strengthen Bangladesh’s bilateral relations with the United States. He particularly emphasized on deepening ties in the areas of trade, investment, energy and development cooperation. He also said that Bangladesh and the United States have similar interests on tariff issues.
He said this in a meeting with Assistant US Trade Representative Brendan Lynch at the Principal Advisor’s office in Tejgaon in the capital on Monday. Professor Yunus said, “Thank you very much for your cooperation. We are very happy with what we have received. This is very important for our economy.”
The Principal Advisor mentioned the decision of the Office of the United States Trade Representative (USTR) on July 31. On that day, it was announced that the tariff rate on Bangladeshi products would be reduced from 35 percent to 20 percent. Dr. Yunus called this decision a major milestone in the bilateral trade relations between the two countries.
In the meeting, both sides discussed strategies to reduce the trade deficit. At this time, Bangladesh also expressed its interest in increasing imports of agricultural products including cotton and soybeans from the United States. In addition, the discussion raised issues such as increasing cooperation in the energy sector, importing LPG from the United States, purchasing civil aircraft, drug control activities and the Rohingya humanitarian crisis.
Dr. Yunus said that Bangladesh is ready to increase imports from the United States. He expressed hope that this will create opportunities for more tariff reductions and a sustainable and mutually beneficial trade partnership will be developed between the two countries. He expressed optimism about the speedy signing of the draft of the ongoing bilateral trade agreement. In this regard, he said, “Our interests are close to those of the United States. Due to this, the negotiation process is easier and more promising.”
The Principal Advisor also said that Bangladesh is working to implement the 11-point labor action plan proposed by the United States. It clearly shows the government’s commitment to protecting labor standards and fair practices. Looking ahead, he said, the interim government is looking forward to increased US investment and low-interest loans in key sectors including health and education.
Dr. Yunus said, “We need to ensure that the door to US investment in Bangladesh is wide open.” At the same time, he assured the US trade delegation that the interim government would improve the environment for foreign direct investment.
US Assistant Trade Representative Brendan Lynch praised the constructive role of the Bangladeshi side. He also welcomed the strengthening of the partnership between the two countries. He recalled that in February, the National Security Advisor had met with him and proposed to unilaterally reduce the trade deficit with the US. Lynch said that this initiative, which had been started so early, had facilitated the negotiations and yielded positive results.
Lynch told the Chief Adviser, “You sent a strong negotiating team. They worked hard and played an effective role.” He also noted the importance of timely implementation of tariff agreements and import commitments.
Also present at the meeting were Trade Advisor Sheikh Bashiruddin, National Security Advisor Khalilur Rahman, Senior Secretary for Sustainable Development Goals Lamia Murshed, Commerce Secretary Mahbubur Rahman, US Charge d’Affaires Tracey Anne Jacobson, and USTR South Asia Regional Director Emily Ashby.
