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Economic Relations

Economic Relations

The United States is one of the major trading partners of Bangladesh. Bilateral trade between Bangladesh and the United States was US$13,243 million in FY 2021-22, and the U.S. direct investment in Bangladesh was $695 million in CY 2022. However, Bangladesh is a small trading partner from the United States perspective. Bangladesh was the 46th trading partner of the United States in 2020. Bangladesh signed a bilateral investment treaty in 1986, a bilateral treaty for the avoidance of double taxation in 2004 and Trade and Investment Cooperation Forum Agreement (TICFA) in 2013. The sixth annual TICFA meeting was held in Washington, D.C. on 6 December 2022, which highlighted the potential for greater trade and investment cooperation with the United States. (Sources: Bangladesh Bank & Export Promotion Bureau)

Bangladesh's major exportable includes woven apparel, knit apparel, home textile & miscellaneous textile articles, cap, headgear, footwear, tobacco, snacks foods, furniture, ceramic ware, toys, plastic items, artificial flowers etc; while major importable include raw cotton, chemicals, machinery and equipment, pharmaceuticals, aircraft, electrical equipment, iron and steel etc. 

Despite high import tariffs in the United States, the apparel-based products from Bangladesh have made successful inroad there in the recent years. The U.S. buyers are increasingly leaning toward Bangladesh to source the merchandise due to their boosted confidence in Bangladesh apparels. Bangladesh is the third largest apparels exporters to the United States. Bangladesh Ready-Made Garments (RMG) industry now has 178 green factories with the US Green Building Council’s (USGBC) Leadership in Energy and Environmental Design (LEED) certification, the highest in the world. Out of 178 Green factories, 68 factories are platinum rated. The U.S. brands and importers can avail the opportunity of low-cost but quality products apparels from Bangladesh.

Though apparel sector remains the principal contributor in the country’s export earnings, other sectors such as pharmaceuticals, ceramic products, plastic articles, leather products, footwear, agro-products, software & IT solutions, electrical appliances, ships & vessels, light engineering products are evolving gradually."