Chief Adviser Dr Muhammad Yunus has addressed a letter to US President Donald Trump, requesting him to postpone the application of US reciprocal tariff measures on Bangladesh for three months to allow the interim government to implement its initiative to substantially increase US exports to Bangladesh.
"We are the first country to take such a proactive initiative", he said in his letter, also citing a visit of High Representative Dr Khalilur Rahman to Washington DC in February.
Ever since, the two sides had been working closely to identify specific actions, Yunus said, adding that Bangladesh was the first country to enter into a multi-year agreement to import liquified natural gas from the US.
“The centrepiece of Bangladesh's actions is to significantly increase imports of US agricultural products such as cotton, wheat, corn and soybean, which will offer benefits to US farmers,” the chief adviser said in the letter.
He added that Bangladesh had the lowest tariff on most US exports in the South Asian region.
The chief adviser indicated further tariff cuts on US products were being fashioned, including top US export items such as gas turbines, semiconductors and medical equipment.
Bangladesh would build dedicated duty-free bonded warehouses for cotton to improve speed to market, he said.
"We are eliminating certain testing requirements, rationalizing packaging, labelling and certification requirements and undertaking trade facilitation measures such as simplifying customs procedures and standards," the chief adviser added.
"Bangladesh will take all necessary actions to fully support your trade agenda", Yunus assured Trump.
A separate letter detailing the actions taken by Bangladesh will be sent by the commerce adviser to the US Trade Representative soon.