Bangladesh is hopeful of a reduction in reciprocal tariff rates with the United States as imports from the world’s largest economy expand, Commerce Adviser Sk Bashir Uddin said.

Speaking at a press conference at the Commerce Ministry following a meeting with Brendan Lynch, Assistant U.S. Trade Representative for South and Central Asia, the adviser said the tariff adjustment hinges on narrowing the bilateral trade imbalance.

He noted that Dhaka and Washington are moving closer to a trade agreement, which could be signed within this month. The matter featured prominently in today’s discussions with the visiting US delegation.

Bangladesh is seeking to increase imports of American liquefied natural gas, wheat, soybeans, and cotton to narrow its trade deficit. The move also aligns with the country’s long-term energy and industrial raw material needs, the adviser said.

Two-way trade between the two countries currently stands heavily in Bangladesh’s favour, driven by exports of ready-made garments. Each year, Bangladesh exports goods worth more than $8.2 billion to the US, while imports amount to about $2 billion.

Officials said Washington has pressed for increased access for American products, while Bangladesh is keen to secure more favourable tariff treatment for its apparel and other exports.