Australia has officially assured continuation of duty free and quota free treatment to Bangladesh exports even after graduation out of LDC in 2026. This ensures a competitive edge for Bangladeshi exporters to remain post LDC. In FY 2020-21 Bangladesh RMG exported $731.13 million of products to Australia.
This commitment came in a meeting held on 22 Feb, 2022 in Canberra by the Joint working group. This group was formed under Trade and Investment Framework Arrangement (TIFA) between Australia and Bangladesh. This meeting discussed general trade issues, trade in goods and services, trade facilitation, promotion of investment, energy and defence collaboration among others.
This JWG agreed to involve relevant Apex trading bodies of both countries. One particular talking point was building industry connections between Australian exporters of raw materials like cotton, wool, hides and importers and manufacturers in Bangladesh. Australian investors were keen to invest in the infrastructure sector of Bangladesh. Additional investment sectors discussed were energy, mining, and ICT.
Australia also agreed to support Bangladesh in capacity development and human resource development.
More than 40 delegates from both sides representing relevant Ministries and departments attended the first JWG discussion.
Photo Courtesy: Canva
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