8
A US trade delegation is arriving in Dhaka today for a three-day visit to review the implementation and progress of the mutual trade agreement signed with Bangladesh. Brendan Lynch, Assistant Trade Representative for South and Central Asia at the Office of the United States Trade Representative (USTR), will lead this delegation.
The visit, which commenced on Tuesday (May 5), will continue until May 7. The US Embassy in Dhaka stated that the primary objectives of the visit are to further strengthen trade and investment cooperation between the two countries and to accelerate the implementation progress of the ‘Agreement on Reciprocal Trade (ART)’.
This marks the first visit of a US trade representative to Dhaka since the formation of the new government in Bangladesh last February. Consequently, this visit is considered highly significant.
As part of the visit, the delegation will hold important meetings with the Ministry of Commerce. Additionally, meetings are scheduled with various high-ranking government officials, including Commerce Minister Khandker Abdul Muktadir, State Minister for Power, Energy and Mineral Resources Iqbal Hasan Mahmud Tuku, and Agriculture Minister Mohammad Aminur Rashid.
The visit places significant emphasis on the implementation of the mutual trade agreement between the two countries, particularly reducing the import-export deficit, commitments regarding the import of US agricultural products and energy, and the progress of policy decisions outlined in the agreement.
According to the agreement, Bangladesh has pledged to import significant quantities of agricultural products from the United States, including wheat, soybeans, cotton, and maize. Furthermore, there are plans to import approximately $15 billion worth of products in the energy sector over the next 15 years.
Additionally, Bangladesh has taken initiatives to reduce various non-tariff barriers to facilitate market access for US products. These include accepting vehicles manufactured according to US standards, increasing opportunities for importing FDA-approved medicines and medical equipment, and relaxing some import restrictions on rebuilt products.