The foundation of a successful trade relationship is predictability and contract certainty, US Ambassador to Dhaka Brent Christensen has said. Keeping contracts is essential to building trust. US companies need to have confidence that agreements made with the Bangladesh government and private sector will be honored and implemented consistently. Investment comes only when agreements are kept, otherwise investors look elsewhere.
\nHe made these remarks as a special guest at a luncheon hosted by the American Chamber of Commerce in Bangladesh (AmCham) at the Sheraton Hotel in the capital on Tuesday (April 28). The US ambassador said he was delighted to be here today because the US-Bangladesh trade relationship has reached an important juncture.
\nHe said the US has been a long-standing partner of Bangladesh. But now, the two countries have an unprecedented opportunity to reshape the future course of this relationship. He added that under President Donald Trump, the United States is moving away from past policies that have perpetuated asymmetric trade relations and that have often led to unfair profits and opaque markets. Instead, the United States is moving toward a model that will bring mutual benefits to the people of both countries.
\nThis policy prioritizes trade over grants, investment over aid, and genuine partnerships that will create new opportunities for both countries. He quoted Secretary of State Marco Rubio as saying that the United States is now moving from an aid-based approach to an investment-based approach.
\nHe added that this approach is based on the understanding that sustainable economic growth is possible only when partnerships foster good practices and create trade opportunities that benefit all.
\nUS-Bangladesh Trade Prospects:
\nThe Ambassador said that this is a time of extraordinary opportunity for Bangladesh. With a population of over 170 million, a young and dynamic workforce, and a strategic location in South Asia, the country could become an important manufacturing hub in the 21st century. He said the recently signed \u2018Reciprocal Trade Agreement\u2019 (ART) between the two countries, if implemented, would add a new dimension to trade and economic development.
\nAccording to him, the agreement will maintain 19 percent competitive tariff preferences for Bangladesh in the US market, which would have been 35 percent without the agreement. At the same time, it also includes reducing Bangladesh\u2019s tariff and non-tariff barriers and encouraging imports from the US. He said countries that export to the US but import mainly from other countries suffer from long-term trade deficits, which hinders sustainable economic prosperity.
\nAccording to him, \u2018If you want to sell to us, you have to try to buy from us.\u2019 He also noted that in many cases, the total tariff on US exports reaches 150 percent, along with additional testing for radioactivity and pesticides on wheat \u2013 which he described as unconventional and stringent non-tariff barriers.
\nBangladesh and US trade commitments:
\nThe ambassador said that Bangladesh has pledged to buy $3.5 billion worth of US agricultural products\u2014wheat, soybeans, cotton and corn. He said that these products are of superior quality and the Bangladesh government and private sector have given positive feedback on their quality. Citing data from the Food Ministry, he said that while the rotting rate of wheat purchased from other countries was up to 20 percent, it was 2.5 percent in US wheat. In addition, the protein level has increased from 11.5 percent to 14 percent.
\nHe added that Bangladesh has committed to importing $15 billion worth of energy products over the next 15 years, which is possible if the current trend of LPG imports continues. The ambassador said that these are not aid packages; they are commercial agreements that will create jobs and economic opportunities for both countries. He added that under the ART agreement, Bangladesh has also committed to improving the business environment, which will be positive for traders, policymakers and consumers.<\/p>\n
Business Environment and Reforms:
\nThe Ambassador said that doing business in Bangladesh has long been a challenging issue, which is reflected in the experience of both domestic and foreign companies. He said that the ART agreement is not a unilateral demand, but a joint commitment for the future development of the two countries. He emphasized that successful investment requires predictable policies, stable regulations and transparency. In addition, there should be no obstacles to the movement of capital and information.
\nHe also said that business processes need to be modernized. These include simplifying business registration and licensing, digitizing the customs process, ensuring an objective regulatory framework, protecting intellectual property rights, and implementing labor and environmental policies in line with international standards. He said that measures such as preventing forced labor and strengthening labor laws will make Bangladesh more capable of competing globally.
\nUS perspective on partnership:
\nThe Ambassador said that the United States believes in conducting business based on transparency, fairness and the rule of law. They do not engage in any \u2018debt trap diplomacy\u2019 or ineffective projects, but rather build real and long-term partnerships. He said that US companies play a significant role in advanced technology, capacity building and job creation.
\nEnergy, technology and infrastructure sector:
\nThe ambassador said that Bangladesh will need to invest about $180 billion to meet its growing energy needs by 2050. He said that Chevron, Excelerate Energy and GE Vernova are already playing a significant role in Bangladesh\u2019s energy sector. Currently, the United States indirectly contributes to more than half of Bangladesh\u2019s electricity supply.
\nHe added that the United States is the world\u2019s largest LNG exporter and is ready to help ensure Bangladesh\u2019s energy diversity and security. In the technology sector, he said that Starlink, Google Pay, Oracle, Microsoft and AugMedics have already started their operations in Bangladesh.
\nHe said that about 70 percent of financial transactions in Bangladesh are still done in cash, which creates a huge opportunity for the expansion of digital finance. Companies like Visa and MasterCard see huge potential in this sector.
\nInfrastructure and Future Cooperation:
\nThe Ambassador said that Bangladesh’s development is creating a growing demand for modern infrastructure, in which the United States is ready to be a partner. He said that US companies can provide technology and expertise in the rail, port, aviation, highway and urban transport sectors.
\nAccording to him, this cooperation is not limited to implementing projects, but is also a matter of building long-term partnerships. He concluded that if agreements are kept, investment comes – this is the fundamental reality of sustainable economic relations.<\/p>\n","protected":false},"excerpt":{"rendered":"
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