US Commercial Service, the trade promotion division of the US Department of Commerce's International Trade Administration, opened its first office in the capital on Thursday to facilitate trade services between the US and Bangladesh.
The establishment of a new commercial service office was announced by US Ambassador Peter Haas, US Assistant Secretary of Commerce for Global Markets Arun Venkataraman, and Commerce Minister Tipu Munshi.
In his remarks, Tipu Munshi mentioned that a Trade and Investment Cooperation Forum Agreement (TICFA) conference would soon be conducted to discuss cotton and GSP concerns between the two countries.
In his speech, Arun Venkataraman stated that the establishment of the commercial service office in Dhaka signifies the country of Bangladesh's growing significance as a trading partner of the United States of America.
“As the United States and Bangladesh celebrate 50 years of bilateral relations, it is an opportune moment to expand upon the strong foundation of our bilateral and commercial relationship,” he also added.
“The new commercial service office here in Bangladesh will play an important role in strengthening trade ties between our countries, and how we support US companies doing business in such a dynamic and fast-growing economy. Trade between our two countries accounts for an estimated $10 billion, showcasing the vast existing and potential opportunities in this country,” said Assistant Secretary Venkataraman.
A senior Foreign Commercial Service officer from the US Department of Commerce will be posted at the US Embassy in Dhaka starting today in order to maximize US export opportunities and work cooperatively with Bangladesh to support US companies thinking about entering or expanding their presence in the Bangladeshi market.
Through business matchmaking and other services, the office will seek to link US companies with potential Bangladeshi partners, facilitate one-on-one business counselling, offer specialized export expertise, and provide information on the Bangladeshi market.
The US Foreign Commercial Service is the export promotion arm of the International Trade Administration, a bureau of the US Department of Commerce.
The commercial service has an extensive global network consisting of 122 offices around the world and in over 100 US cities.
The new commercial service office will increase the number of international markets to 81.
Across Asia, the commercial service will have a presence in 19 markets, including Bangladesh.
International Trade Administration
The International Trade Administration (ITA) at the US Department of Commerce is the premier resource for American companies competing in the global marketplace.
ITA has more than 2,200 employees assisting US exporters in more than 100 US cities and 81 markets worldwide.
