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The cooperation between the United States of America (USA) and Bangladesh is crucial for strengthening bilateral trade relations and economic development, said American Chamber of Commerce in Bangladesh (AmCham) President Syed Ershad Ahmed on Tuesday.
He came up with the remarks at a discussion titled “Bilateral Trade Relations for Driving Growth” at the Westin Hotel Dhaka in the capital.
“The USA is the largest export market for Bangladeshi goods in the world and the bilateral trade volume in FY 2022 was approximately $14 billion, a number that we are working hard to increase. The USA is still the largest contributor to Foreign Direct Investment (FDI) in Bangladesh and the biggest source of remittance too. The cooperation between the two countries is crucial for strengthening bilateral trade relations,” he stated.
Ershad Ahmed hoped for more cooperation that may attract further investments in diversified segments and contribute to upgrading Bangladesh into a developing nation.
As the guests of honour, Assistant US Trade Representative (USTR) of South and Central Asia (Acting), Brendan Lynch and Director for South Asia Mahnaz Khan applauded the joint work of AmCham and US Trade Representative (USTR).
They underscored the growth of bilateral trade which would potentially improve the relations between the two friendly nations on the eve of its 50th anniversary amid the post-pandemic geo-political situation where the global supply chain is disrupted causing unrest in the economy in many countries in the Asian region.
The USA is keen to invest in different sectors of Bangladesh, they mentioned while discussing other factors that could help to strengthen and increase existing ties between the two countries.
Policy Research Institute of Bangladesh (PRI) Chairman Dr Zaidi Sattar stressed the role of the World Trade Organization (WTO) and the evolving geo-political environment in the US and Bangladesh.
Besides, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan suggested considering the preferential tariff regime similar to GSP after Bangladesh completes the LDC graduation.
Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI) President Syed Almas Kabir, AmCham Former Presidents Forrest E Cookson, Aftab Ul Islam and Md Nurul Islam, Coca-Cola Bangladesh Managing Director Ta Duy Tung also spoke at the event.
