Professor Muhammad Yunus, Chief Adviser of Bangladesh, wrote a letter to US President Donald J Trump asking him to delay the implementation of US reciprocal tariff measures on Bangladesh by three months to enable the interim government to successfully implement its initiative to significantly increase US exports to Bangladesh, the Chief Adviser’s Press Wing said in a statement on Monday.
“We are the first country to take such a pro-active initiative,” he said in his letter, citing the visit of High Representative Dr Khalilur Rahman to Washington DC in February. Ever since, the two sides have been working closely to identify specific actions, the statement said. Bangladesh is also the first country to enter into a multi-year agreement to import liquefied natural gas from the US, it added.
The centre piece of Bangladesh’s actions is to significantly increase imports of US agricultural products such as cotton, wheat, corn and soybean which will offer benefits to US farmers, the statement said.
Bangladesh has the lowest tariff on most US exports in the South Asian region. The Chief Adviser indicated further tariff cuts on US products are being fashioned, including top US export items such as gas turbines, semiconductors and medical equipment.
Bangladesh will build dedicated duty-free bonded warehouses for cotton to improve speed to market.
“We are eliminating certain testing requirements, rationalising packaging, labelling and certification requirements and undertaking trade facilitation measures such as simplifying customs procedures and standards,” the Chief Adviser added.
“Bangladesh will take all necessary actions to fully support your trade agenda,” Professor Yunus assured President Trump. A separate letter detailing the actions by Bangladesh will be sent by the Commerce Adviser to the US Trade Representative soon, the statement said.
