Australian Assistant Trade Minister Tim Ayres has assured Bangladesh that his country will continue providing duty- and quota-free access to Bangladesh even after its LDC graduation.
“Graduation from LDC status would not make any changes to existing duty-free and quota-free access of Bangladesh's products to the Australian market," Senator Tim Ayres confirmed in a meeting with Bangladesh High Commissioner to Australia M Allama Siddiki on Friday.
Faruque Hassan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), was present at the meeting at the Commonwealth Parliamentary Office in Sydney.
High Commissioner Siddiki briefed the minister on the socioeconomic progress of Bangladesh in the last decade underpinned by successes in the agriculture and apparel sectors, remittances, and macroeconomic and political stability.
He appreciated Australia's growing interest in Bangladesh and highlighted opportunities in goods such as cotton, wool, LNG and minerals, services like fintech, information technology-enabled services (ITES), and education and skills development for further bilateral trade and investment.
He invited a business delegation led by Ayres to Bangladesh to explore untapped opportunities in bilateral trade and investment.
BGMEA President Faruque Hassan highlighted the transformation of the apparel sector of Bangladesh in terms of sustainability, energy efficiency and the well-being of workers.
He spoke of the reforms that took place in the RMG sector over the years and BGMEA's vision of achieving ESG by setting up more green factories and ensuring gender equality, inclusiveness and a decent workplace by 2030.
Ayres referred to Bangladesh as Australia's important partner and expressed keenness to enhance bilateral economic engagement.
He acknowledged the progress made in the apparel sector of Bangladesh and strong business relations between Australian retailers and Bangladeshi manufacturers, which are contributing to diversifying the industry and product range in Australia.
He added that labour rights, trade unions and sustainability are important factors for Australian businesses and the government to engage with foreign partners.
He showed interest in further linking up the Australian wool and cotton industry with relevant Bangladesh counterparts to spur growth in trade.
He also expressed interest in exploring ways to take forward the Trade and Investment Framework Arrangement signed in 2021 between Bangladesh and Australia to the next level.
An 11-member delegation led by the BGMEA president is visiting Australia. It held the Bangladesh Apparel Summit supported by the high commission on July 18 in Melbourne.
In addition, the high commission in association with the consulate general in Sydney organized a session on Friday for the BGMEA delegates to highlight the strength of the Bangladesh apparel industry to relevant businesses in Sydney.
Thirty-five attendees including Australian buyers, brands and industry representatives were present during the interactive session.
