The Bangladesh Textile Mills Association (BTMA) has announced that the country plans to increase its cotton imports from the United States to $1 billion to help reduce the trade deficit between the two nations.
The information was disclosed in a press release issued by the association last night (6 August).
The decision follows recent trade negotiations in the US, during which the interim government’s delegation secured a reduction in tariffs on Bangladeshi goods from 35% to 20%.
Simultaneously, a BTMA delegation, led by President Shawkat Aziz Russell, held several meetings with relevant US institutions to explore increased cooperation.
Currently, Bangladesh imports more than $5 billion worth of cotton annually from the global market.
However, imports from the US account for only about $350 million, representing just 7% of the total, the release added.
The BTMA aims to more than triple this amount to help balance trade.
In relation, the BTMA noted that US cotton is relatively more expensive and called on the government to provide support to importers to offset the additional costs, making the increased imports financially viable.
