• Friday, Jan 22, 2021
  • Last Update : 11:30 am

Trade dialogue with the UK next month

  • Published at 12:36 am December 4th, 2020

This comes after the British government last month announced that goods from Bangladesh would continue to enjoy duty-free access to the UK

Bangladesh is set to hold meetings with the British government next month to discuss bilateral trade and investment opportunities in the post-Brexit era.

This comes after the British government last month announced that goods from Bangladesh would continue to enjoy duty-free access to the UK following Brexit, which will take effect in the new year.

“The UK is looking to harness the opportunity presented by the exit from the EU to develop a future trade partnership with Bangladesh that will increase two-way trade and bring greater prosperity to both of our countries,” said Robert Chatterton Dickson, British high commissioner to Bangladesh, in a meeting with Commerce Minister Tipu Munshi yesterday.

As a champion of free trade, the UK wanted to deepen its already strong trading relationship with Bangladesh by developing a trade partnership that builds on shared trade and investment interests, he said, adding that boosting trade would help the two economies to grow more.

In fiscal 2019-20, Bangladesh exported goods worth $3.5 billion to the UK and imported goods amounting to $1.1 billion, according to data from the commerce ministry.

The UK was the third-largest investor in Bangladesh in 2019 and also the third largest export destination for the country’s apparel shipment.

“Trade and economic relations between Bangladesh and Britain are long. There are lots to further bilateral trade opportunities,” Munshi said in the meeting.

He went on to express hope that Bangladesh would get much attention in the UK’s new trade policy following Brexit.

“Bangladesh is encouraged by Britain’s interest in post-Brexit trade and investment. Trade talks between the two countries are essential for the proper management of trade and investment in new ventures.”

Many British investors have already invested in the country’s different potential sectors.

Britain could choose the country's under constructed 100 special economic zones, which already got popularity in drawing foreign investment.

Several countries, including China, Japan, Korea and India, have invested a substantial sum in the zones, Munshi added.

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