UK, Bangladesh agree to boost trade ties

The United Kingdom and Bangladesh agreed to enhance the bilateral trade partnership to increase mutual prosperity ahead of and after Bangladesh’s graduation from the least developed country (LDC) status. 

The UK recognised Bangladesh’s economic growth and resilience against the widespread impacts of the global pandemic and the ongoing global economic crisis. 

Bangladesh welcomed the UK’s generous Developing Countries Trading Scheme (DCTS) and acknowledged its role in integrating Bangladesh into the global economy, creating stronger trade and investment opportunities.  

The remarks were made at the Second Bangladesh – UK Trade and Investment Dialogue held in Dhaka on Sunday. A joint communique titled “Bangladesh-UK Trade and Investment Dialogue 2023” was issued following the meeting.

Commerce Secretary Tapan Kanti Ghosh represented the Government of Bangladesh at the meeting.

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 into Bangladesh.

The UK stressed that Bangladesh needs to put in place economic policies and systems to achieve its ambition of rapid, sustainable and green economic development; and pledged its ongoing cooperation.

The British High Commissioner, Robert Chatterton Dickson, and His Majesty’s Trade Commissioner for South Asia, Alan Gemmell OBE, led the UK delegation. 

Both countries agreed to convene the dialogue annually and its Joint Working Group (JWG) regularly. 

The JWG would cover a broad range of trade and investment issues, including mutual barriers to market access and trade, with an agenda agreed between the UK and Bangladesh in advance. 

Both countries underscored the importance of the Dialogue and JWG as a step towards achieving an enhanced and stronger relationship.   

The UK reflected commitments under DCTS to international conventions on labour standards and human rights, anti-corruption, climate change and the environment.

The two countries discussed cooperation in areas such as LDC graduation, investment cooperation, pharmaceuticals, ease of doing business, financial sector development, higher education provision, taxation issues and intellectual property protection.

The UK encouraged Bangladesh to explore investment opportunities for the UK services sector including financial and professional services. 

Bangladesh reiterated the importance of the ready-made garment sector to both the countries.

The UK outlined the private sector led aerospace offer to Bangladesh. 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,” said Alan Gemmell, His Majesty’s Trade Commissioner for South Asia. 

“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.”

Concluding the dialogue, the commerce secretary said 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,” he said.