Chief Adviser Professor Muhammad Yunus has sent a letter to US President Donald J. Trump requesting that the application of the US reciprocal tariff regime on Bangladesh be suspended for three months—so that the interim government can smoothly implement its initiative to significantly increase exports to the US.
“We are the first country to take such a proactive initiative,” he said in the letter, noting that High Representative Dr. Khalilur Rahman visited Washington, DC in February.
Since then, the two sides have been working closely to identify specific steps.
Bangladesh is the first country to enter into a multi-year agreement to import liquefied natural gas (LNG) from the US.
The focus of Bangladesh’s initiative is to significantly increase imports of US agricultural products such as cotton, wheat, corn and soybeans, which will benefit US farmers.
Bangladesh has the lowest tariff rates on most US products in the South Asian region. The chief advisor indicated that further tariff reductions are being made on US products, including top US exports such as gas turbines, semiconductors and medical devices.
Bangladesh will set up duty-free bonded warehouses to facilitate faster market access for cotton.
“We are eliminating some testing requirements, easing packaging, labelling and certification rules, and undertaking trade facilitation measures such as easing customs procedures and standards,” the chief advisor added.
“Bangladesh will take all necessary steps to fully support your trade agenda,” Professor Yunus assured President Trump.
A separate letter detailing the steps taken by Bangladesh will be sent to the US Trade Representative soon by the trade advisor.
