DHAKA, Bangladesh 

Bangladeshi companies will purchase $1 billion worth of soybeans from the US Soybean Export Council (USSEC) after a "landmark" agreement was signed following trade negotiations in the backdrop of the Trump administration's tariff pressure, according to a statement Tuesday from the American Embassy in Dhaka.

Bangladesh's three soy crushing companies -- Meghna Group, City Group, and Delta Agro -- committed to the purchase of $1 billion of US soybeans in the next 12 months, it said.

The "landmark agreement" signals a growing export market for US agricultural products in Bangladesh, said the embassy.

US Charge d'Affaires Tracey Jacobson said soybean sales to Bangladesh are expected to triple because of the agreement.

Bangladeshi interim government head Muhammad Yunus said in September that his country is ready to scale up imports, including soybeans from the US, to further reduce the reciprocal tariff rate on goods in the American market -- a key destination of the South Asian country’s textile exports.

The US reduced the tariff on Bangladeshi goods from 35% to 20% through negotiations.

Bangladesh is the world's second-largest garment exporter, after China. The US is Bangladesh's top export destination, accounting for $8.4 billion in 2024, including $7.34 billion in readymade garments.