Bangladesh & UK deepen trade ties for mutual growth & prosperity

The two countries agreed to convene the dialogue annually and its Joint Working Group (JWG) regularly, covering a broad range of trade and investment issues, including mutual barriers to market access and trade. The JWG's agenda will be agreed upon in advance between the UK and Bangladesh.

During the dialogue, both countries discussed cooperation in areas such as investment, ease of doing business, higher education provision, taxation issues, and intellectual property protection, the government of UK said in a press release.

Emphasising the importance of maintaining a level-playing field for foreign companies interested in investing and operating in Bangladesh, the UK invited Bangladesh to engage with the UK private sector to pursue a commercial dispute resolution system to unlock the full potential of foreign direct investment (FDI) into Bangladesh.

The UK welcomed Bangladesh's economic growth and resilience, despite the impact of the global pandemic and ongoing global economic crisis. Bangladesh, in turn, acknowledged the UK's generous Developing Countries Trading Scheme (DCTS) and its role in integrating Bangladesh into the global economy.

The UK reflected its commitments under DCTS to international conventions on labour standards and human rights, anti-corruption, climate change, and the environment. The UK stressed the importance of Bangladesh putting in place economic policies and systems to achieve its ambition of rapid, sustainable, and green economic development.

Both countries recognised the importance of high-quality education and agreed to further deepen and widen the scope of collaboration in the area of higher education for mutual benefit.

“The UK and Bangladesh relationship is underpinned by the potential of our trade and investment relationship that will help both of our economies to grow. Foreign direct investment builds the foundation to provide jobs, transfer skills, generate revenue, create competition and drive standards higher. A conducive business climate and removal of market access barriers will benefit both countries and underline the great opportunities for UK businesses,” said Alan Gemmell OBE, UK’s trade commissioner for South Asia.

“The historic relationship between the UK and Bangladesh is based on mutual interest and common values. Bangladesh is very keen to take this relationship to a new height through enhanced trade and economic cooperation. I believe today’s dialogue contributes to increasing trade and investment in both countries,” said Tapan Kanti Ghosh, Bangladesh’s commerce secretary.

ALCHEMPro News Desk (DP)