Bangladesh retained access to the US market at a reduced 19 per cent tariff under the Agreement on Reciprocal Trade (ART), easing export pressure and supporting bilateral trade flows, US Ambassador Brent T Christensen said on Tuesday.
The remark came at a luncheon titled “Advancing US–Bangladesh economic partnership” held at a hotel in Dhaka, organised by the American Chamber of Commerce in Bangladesh (AmCham).
Trump Tariffs could have been 35 per cent without the ART, which would hurt its competitiveness in the US market.
Due to the ART, Bangladesh will also adjust tariff and non-tariff barriers to encourage imports from the United States and help balance trade.
Christensen said the arrangement aims to sustain export competitiveness in the US market while deepening economic engagement between the two countries.
Strengthening economic ties will require export diversification, wider market access and higher investment flows, said Commerce Minister Khandakar Abdul Muktadir.
According to him, priority sectors include pharmaceuticals, leather goods, agricultural products, light engineering and information and communication technology to broaden the export base.
Support from the United States will remain important for Bangladesh’s smooth graduation from least developed country status, with the country targeting November 2029 for the transition, he added.
Bilateral trade has expanded over the years, but sustaining the partnership will depend on a stable and predictable business environment, said AmCham Bangladesh President Syed Ershad Ahmed.
The chamber continues to promote responsible business practices and a conducive environment for trade and investment, he said.
Senior officials from the Ministry of Commerce, members of the diplomatic corps, representatives of regulatory authorities, leading business figures and AmCham executive committee members attended the event.
The luncheon was supported by Colgate-Palmolive, Excelerate Energy, Omera LPG, Air Alliance Limited (UPS), Saber Travels, and Beyond Innovations and Technologies Limited.
An interactive session followed, where the minister and the US ambassador engaged with business leaders on trade challenges and opportunities.
