Bangladesh to scale up US imports to reduce tariffs, says interim leader

By SM Najmus Sakib

DHAKA, Bangladesh (AA) - The interim government is ready to scale up imports from the US to further reduce the reciprocal tariff rate on Bangladeshi goods in the American market, a key destination of the South Asian country’s textile exports.

Interim leader Muhammad Yunus made these remarks during a meeting with Assistant United States Trade Representative (AUSTR) Brendan Lynch in Dhaka on Monday, according to a statement from Yunus’ office.

Earlier, the US administration reduced the tariff on Bangladeshi goods from 35% to 20% through negotiations.

Yunus described the tariff reduction as "a significant milestone in bilateral trade relations," reaffirming Bangladesh's strong commitment to strengthening bilateral relations with the US, particularly in trade, investment, energy, and development cooperation.

During the meeting, both sides discussed strategies for reducing the bilateral trade imbalance, as well as Bangladesh's intention to increase imports of US agricultural products such as cotton and soybeans.

“Our interests are closer to those of the United States. That makes this process easier and more promising,” Yunus said.

Lynch, for his part, emphasized the significance of the timely implementation of the tariff agreements and purchase commitments.

Bangladesh is the world's second-largest garment exporter, after China. The US is Bangladesh's top export destination, accounting for $8.4 billion in 2024, including $7.34 billion in readymade garments.