Faruk seeks greater exports to US
Commerce Minister Faruk Khan has urged the US government to immediately pass the New Partnership for Trade Development Act (NPTDA) in the US Congress to boost exports of Bangladeshi products to the US market.
The minister urged this when US Deputy Secretary of State James B Steinberg called on him at his ministry yesterday. The NPTDA bill was raised by Congressman Jim McDermott.
During the meeting, the commerce minister sought Steinberg's cooperation in getting duty- and quota-free access of Bangladeshi products to the US market as well as greater participation of US companies in the infrastructure, power and gas sectors in Bangladesh.
Faruk Khan mentioned that bilateral trade between the two countries is significant, around $5 billion a year, which is also a third of the total export earnings of Bangladesh.
In response, the US Deputy Secretary of State assured the minister of maintaining his government's support for the development of Bangladesh as well as in enhancing bilateral trade.
Deputy Chief of the US Mission Nicholas Dean, Special Assistant to US Deputy Secretary Gautam Rana and American Embassy Consul General Sandra Ingram were present.
In 2008-09 fiscal, goods worth $4,052 million were exported to the US from Bangladesh, against imports worth $457.1 million into Bangladesh from the US.
Of the exported items, 90 percent consisted of readymade garment products, which enter the US market with 16 percent duty.
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