Brendan Lynch, Assistant Secretary for South and Central Asia at the Office of the United States Trade Representative (USTR), is arriving in Dhaka today on a three-day visit. This is the first visit by a US trade representative to Bangladesh since the BNP-led government took office.
Diplomatic sources said that the main objective of this visit is to review the implementation progress of the ‘Agreement on Reciprocal Trade (ART)’ signed between Bangladesh and the United States. In particular, there will be detailed discussions on reducing the trade deficit, commitments to import US agricultural and energy products, and progress on policy decisions.
During the visit, Brendan Lynch will meet with Commerce Minister Khandaker Abdul Muktadir. He is also likely to meet with top officials related to power, energy and mineral resources, agriculture and economic policy. He will also pay a courtesy call on the Foreign Secretary.
The US Embassy in Dhaka said that a delegation will visit from May 5 to 7 to discuss strengthening trade and investment ties. The US hopes that the implementation of this agreement will facilitate market access for both countries, reduce investment barriers, and accelerate economic growth.
According to government sources, under this agreement, Bangladesh has committed to importing a large amount of agricultural and energy products from the United States. These include wheat, soybeans, cotton and corn. In addition, there is a plan to import energy products worth about $15 billion over the next 15 years.
As part of the agreement, Bangladesh has also agreed to increase market access for US goods, including chemicals, medical devices, information technology equipment, and motor vehicles. It also includes initiatives to facilitate digital trade, modernize customs processes, and reduce non-tariff barriers.
It is worth noting that the agreement was signed at the end of the interim government, reducing the US counter-tariff on Bangladeshi goods by 1 percent to 19 percent. According to analysts, the current visit could play an important role in the future direction of trade relations between the two countries.