The Bangladesh Textile Mills Association (BTMA) announced plans to significantly increase the country’s cotton imports from the United States, aiming to reach US $ 1 billion. The move is part of efforts to reduce the trade deficit between Bangladesh and the US.
The announcement was made in a press release on Wednesday night, following recent trade negotiations in the United States. During these talks, Bangladesh’s interim government delegation secured a reduction in tariffs on Bangladeshi exports from 35% to 20%.
Additionally, a BTMA delegation led by President Shawkat Aziz Russell held meetings with US institutions to explore avenues for enhanced cooperation.
Currently, Bangladesh imports over US $ 5 billion worth of cotton annually, with US imports accounting for approximately US $ 350 million, just 7% of the total. BTMA aims to more than triple US cotton imports to help balance trade figures.
The association also acknowledged that US cotton is comparatively more expensive and called on the Bangladeshi government to support importers in offsetting these costs, making the increased imports more feasible.
