Dhaka, April 7 (V7N) -In an effort to boost exports to the United States and reduce the bilateral trade deficit, Bangladesh has proposed granting duty-free access to an additional 100 American products. 

 
Commerce Adviser Sk Bashir Uddin made the proposal in a letter to the Office of the United States Trade Representative (USTR) on Monday.

According to Ministry of Commerce sources, Bangladesh has already unilaterally reduced tariffs to zero on 190 US products in a bid to address existing trade imbalances. 

The latest move would bring the total to 290 items.The letter notes that since the withdrawal of the US Generalized System of Preferences (GSP) for Bangladesh, the country’s exports to the US have been subject to an average tariff of 15%, while Bangladesh imposes an average tariff of just 6.1% on US imports. 

Key items such as raw cotton and iron scrap are taxed at 0% and 1%, respectively, it says.

However, high tariffs on garment exports and other products have negatively impacted Bangladesh’s competitiveness in the US market, it adds.

US President Donald Trump last week imposed a 37% countervailing duty on Bangladeshi exports, which came into effect on Thursday. 

In a separate letter, Chief Adviser Dr Muhammad Yunus urged the US president to suspend the tariff for three months.

In his letter, the commerce adviser cited the 2013 Bangladesh-US Trade and Investment Cooperation Framework Agreement (Ticfa), under which both countries committed to removing trade and investment barriers. 

Several rounds of discussions with the US embassy’s commercial wing had since been held, he said.

Bangladesh had already undertaken a range of trade policy reforms, including tariff reductions, elimination of non-tariff barriers, streamlining of customs procedures and improved protection of intellectual property, trademarks and patents, Bashir mentioned.

The adviser also noted ongoing initiatives to attract US investment in energy, food and agriculture, healthcare, and services sectors, including proposals for long-term LNG deals and encouraging US automakers to set up manufacturing plants in Bangladesh.

He hoped such constructive engagements and dialogue would strengthen bilateral trade and contribute to improving the lives of citizens in both countries.

 

END/MSS/AJ