Dhaka: Chief Adviser Professor Muhammad Yunus today sent a letter to US President Donald Trump requesting him to postpone the application of a 37 percent tariff on Bangladeshi products in the US market.
According to Bangladesh Sangbad Sangstha, the Chief Adviser's Office (CAO) confirmed that Prof Yunus has addressed a letter to President Trump requesting a three-month delay in the implementation of US reciprocal tariff measures on Bangladesh. This period would allow the interim government to effectively implement its plans to significantly increase US exports to Bangladesh, as stated in a release from the Chief Adviser's Press Wing.
"We are the first country to take such a pro-active initiative," Prof Yunus mentioned in his letter, referencing High Representative Dr Khalilur Rahman's visit to Washington DC in February. Since that visit, both countries have been collaborating closely to pinpoint specific actions to enhance trade relations.
Bangladesh has emerged as the first country to enter a multi-year agreement for the importation of liquefied natural gas from the US. The core of Bangladesh's strategy is to notably increase imports of US agricultural products, including cotton, wheat, corn, and soybean, which promises advantages for US farmers. Furthermore, Bangladesh maintains the lowest tariff on most US exports within the South Asian region.
Prof Yunus hinted at potential further tariff reductions on US products, focusing on major US export items like gas turbines, semiconductors, and medical equipment. Bangladesh plans to establish dedicated duty-free bonded warehouses for cotton to boost US market access.
The Chief Adviser elaborated on various trade facilitation measures being undertaken, such as the elimination of certain testing requirements and the rationalization of packaging, labeling, and certification requirements. Additionally, customs procedures and standards are being simplified to ease trade.
Prof Yunus assured President Trump that Bangladesh would take all necessary actions to support his trade agenda. The statement also noted that a separate letter detailing Bangladesh's actions will soon be dispatched by the Commerce Advisor to the US Trade Representative.