The fact that the US wants to expand trade relations between Bangladesh and itself is certainly indicative of Bangladesh's remarkable economic progress over the past decades.
The US has been one of our primary economic and development partners, the country being one of the primary markets for our RMG sector -- the veritable engine of our economy. But the US's recent interest to expand on our existing trade relations undoubtedly has the potential to result in a win-win situation for both nations.
At a macro level, Bangladesh's per capita income has exceeded that of our closest neighbour India -- which is certainly no small feat. However, macro level indicators don't paint a full picture.
While successful, we still have a long way to go to completely eradicate poverty and starvation -- a situation that has only been exacerbated by the Covid-19 pandemic and the global economic slowdown. While our RMG exports have been impressive, relying on a single sector has also exposed our economic system to the chaos inherent in the global market.
With nations such as the US renewing their trust in our economy, we need to pivot to a better system.
We need to make our export basket more diverse. Economic policies have to consider the long term and have to place a higher emphasis on sustainability. We also need to prioritize individual income and quality of life over macro level indicators.
The international community has faith in us for a reason, it is high time we made good on that promise.