New Delhi, Feb. 13 -- Trade agreements are never just about tariffs. They are about power. They define alignments, redraw strategic boundaries, and quietly decide which way a nation tilts when the great powers begin to lean. The newly signed United States-Bangladesh Agreement on Reciprocal Trade, concluded under the Yunus-led interim government, is not merely a commercial arrangement. It is a geopolitical document. And it may prove to be one of the most consequential strategic shifts in Bangladesh's modern history.

On paper, the agreement reduces reciprocal tariffs on Bangladeshi goods to 19% and opens American markets to certain textile products tied to U.S. cotton imports. In exchange, Bangladesh grants broad preferential access to U.S...