A consortium of Bangladesh’s top three soy crushing companies—Meghna Group, City Group, and Delta Agro—has committed to purchasing $1 billion of U.S. soybeans over the next twelve months.

The landmark agreement with the U.S. Soybean Export Council (USSEC), a trade association representing the interests of U.S. soybean farmers abroad, marks a significant expansion of the export market for high-quality U.S. agricultural products in Bangladesh.

U.S. Chargé d’Affaires Tracey Jacobson welcomed the agreement, underscoring Bangladesh’s increasing significance as a key market for U.S. exports and noting that U.S. soybean sales to Bangladesh are expected to triple as a result of this agreement.