US envoy stresses need for required reforms to implement trade agreement

US Ambassador to Dhaka Brent T Christensen stressed the need for required reforms to implement the agreement on reciprocal trade (ART) through improving the business climate and addressing the barriers to unlock trade and investment potentials.

“Bangladesh needs to pass necessary legislation to implement the trade agreement, reform regulations that create unnecessary barriers to US companies, train customs officials and regulators on the new procedures, create one-stop shops for foreign investors and establish clear timelines for approvals and permits,” he said.

“We have an excellent framework in ART and incredible opportunities in these sectors and more. Now we need action,” Mr Christensen said on Tuesday while addressing the high-level luncheon and policy dialogue held at Sheraton Dhaka, hosted by AmCham Bangladesh.

Presided over by AmCham Bangladesh president Syed Ershad Ahmed, commerce minister Khandakar Abdul Muktadir spoke as the chief guest at the dialogue.

"The ART is an excellent agreement, which preserves Bangladesh's access to the critical US market with competitive 19 per cent tariffs down from 35 per cent without the agreement, while making changes in Bangladesh's tariffs and non-tariff trade barriers designed to encourage imports from the United States to balance our trade," said Mr Christensen.

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