Bangladesh is aiming to sign a trade deal with the United States before new tariffs, announced by US President Donald Trump, come into effect. Both countries are working towards this goal, Bangladesh's top trade official told AFP.
To address the trade deficit between the two nations, Dhaka has proposed purchasing aircraft from American company Boeing and increasing imports of wheat, cotton, and oil from the US.
"We have finalized a draft of a mutual trade agreement," Commerce Secretary Mahbubur Rahman told AFP on Wednesday. He added that the government is optimistic about reaching a mutually beneficial agreement.
Meanwhile, Golam Mortuza, Press Minister at the Bangladesh Embassy in Washington D.C., stated that a meeting on tariff reductions between Bangladesh and the United States Trade Representative (USTR) was held on Thursday at 11:30 AM Washington time (9:30 PM Bangladesh time). Such meetings have been taking place regularly for some time.
Currently, 20 percent of Bangladesh's ready-made garment exports go to the United States. Textiles and garments account for approximately 80 percent of Bangladesh's total exports, and this sector is undergoing a restructuring process, especially after the student-led government's overthrow last year.
On April 2, Trump announced a 37 percent tariff on Bangladeshi goods, more than double the previous 16 percent on cotton products. However, he has suspended the implementation of these tariffs until July 9, a measure he has also applied to other global trade partners, though an initial 10 percent tariff remains in place.
In 2024, Bangladesh exported goods worth $8.36 billion to the US, while importing $2.21 billion worth of goods from there. This data comes from the Bangladesh Bank and the National Board of Revenue.
As part of efforts to reduce the trade deficit, the government plans to purchase significant amounts of wheat, 14 Boeing aircraft, cotton, and more oil and gas from the United States, according to the Commerce Secretary.
He did not provide specific timelines or quantities for the proposed agreements, but noted that the government has held approximately 28 meetings and exchanged documents to date in pursuit of a deal.
