Bangladesh, UK agree to reactivate trade, investment dialogue

Bangladesh and the United Kingdom (UK) today (8 April) reached a consensus to reactivate the bilateral Trade and Investment Dialogue, aiming to further consolidate economic ties and explore new avenues for strategic cooperation.

The agreement was finalised during a high-level meeting between Commerce Minister Khandaker Abdul Muktadir and visiting UK Trade Envoy Baroness Rosie Winterton at the minister's Secretariat office in the city, said a press release.

During the deliberations, both sides emphasised the imperative of strengthening bilateral trade relations and increasing investment flows to foster sustainable, long-term economic development. 

The interaction underscored a shared commitment to elevating the partnership through more integrated economic frameworks and mutual cooperation. 

Both the minister and the trade envoy observed that a robust partnership is essential for achieving the shared growth objectives of both nations.

Khandaker Abdul Muktadir detailed the government's comprehensive efforts to modernise the national economy and attract foreign capital. 

He highlighted several priority areas where the administration is actively implementing reforms, including investment climate enhancement, logistics and business facilitation, human capital utilisation and global trade integration.

Baroness Rosie Winterton commended the new government's trajectory of economic reforms. 

She praised the administration's focus on investment-friendly policies and its clear initiatives aimed at securing stable, long-term growth, noting that these steps are vital for building investor confidence.

The commerce minister called upon the UK government to ensure the continued provision of preferential market facilities for Bangladeshi products under the UK's Developing Countries Trading Scheme (DCTS). 

He emphasised that maintaining such access is critical for the sustained growth of Bangladesh's export sector.

In response, the UK Envoy stressed the importance of diversifying Bangladesh's export portfolio to maximise the benefits of existing market access. 

While acknowledging the historical strength of the ready-made garments (RMG) sector, the envoy identified several high-potential areas for increased penetration into the UK market, including processed food products, marine and aquaculture products, light engineering goods and leather and leather-derived products.

To further stimulate investment in critical sectors, the UK side encouraged Bangladesh to utilise approximately £2 billion in export credit offered through UK Export Finance. 

The envoy noted that this credit facility is specifically designed to catalyse investment in infrastructure and other priority sectors, providing a significant boost to Bangladesh's infrastructure development and economic expansion.

Both nations formally agreed to reactivate the Trade and Investment Dialogue, expressing optimism that this mechanism will lead to a more robust and mutually beneficial economic partnership in the coming years.

The meeting was attended by, among others, British High Commissioner to Bangladesh Sarah Cooke, Commerce Secretary Mahbubur Rahman, and Additional Secretary (Export) Abdur Rahim Khan, alongside senior members of the UK delegation.