As Democrat challenger Joe Biden closes in on the White House Bangladeshi exporters are hopeful to accelerate trade volume between two countries on the aftermath of coronavirus pandemic.
Bangladesh exported $5.5 billion worth of products, primarily apparel and textiles, to the United States in 2018, making the United States the single largest market for Bangladeshi goods in the world.
“The export may grow by $ 10 billion within next couple of years as many competitive apparel manufacturing countries are losing competitive advantage over coronavirus,” a high official of DBL Group told Business Mirror. Bangladeshi exporters are securing more order USA as the country manufacturers are becoming more capable than others, he added
“Regardless of who wins the White House, Trumpism is here to stay: de-regulation at home to unleash economic dynamism, low corporate taxes, & no futile wars against Mid Eastern/Afghan fanaticals, to instead focus on containing China with AUS, India, Japan, Vn allies,” tweeted eminent historian Edward Luttwak, summing up a strongly held assessment
The United States’ approach to Bangladesh, if Joe Biden wins, will be shaped within the broad Asia-Pacific policy and it will be good for countries like Bangladesh if economic cooperation gets priority in the region slowing down militarization efforts, say analysts.
“In a potential Biden administration, it’s expected that its Asia-Pacific policy will be recalibrated as will be its overall foreign policy orientation,” Dr Ali Riaz told UNB, mentioning that the US’ approach to Bangladesh will be shaped within the broad Asia-Pacific policy.
Analysts say if Democratic candidate Joe Biden wins, he will relax restrictions on immigration laws. However, any other policy which would apply to Bangladesh will remain largely the same.
“Because of Trump’s policy change, many Bangladeshis who have not been able to secure the legal status in the US will benefit if Biden wins. Many families who had been separated will be able to reunite eventually,” said former foreign secretary Touhid Hossain
Bangladesh has achieved decades of impressive economic growth, with expectations of 2019 breaking eight percent annual GDP growth. The United States is proud to be a partner in Bangladesh’s development success. Its enviable growth and openness to U.S. private sector investment makes this market a standout opportunity for U.S. firms and those of our allies.
In turn, U.S. exports to Bangladesh, which consisted largely of agricultural products (grains and cotton) and machinery, amounted to $2.1 billion, up 43 percent from the previous year, but still resulting in a U.S. trade deficit of $4 billion. The United States is also currently the largest source of foreign direct investment in Bangladesh.
At the end of 2017, the United States accounted for 23 percent of the stock of foreign direct investment in Bangladesh. Chevron is the single largest foreign investor, producing some 55 percent of Bangladesh’s domestic natural gas. U.S. companies are the largest foreign investors in Bangladesh, with $3.4 billion in investments as of 2018, which accounts for 20 percent of total FDI stock in Bangladesh. The vast majority of these investments are in the oil and gas, banking and insurance, and power generation sectors.