High-level talks to strengthen bilateral trade with Australia
In this regard, Bangladesh sought Australia’s support and sponsorship as Australia is one of the founding members of RCEP.
A high-level Bangladesh delegation held two separate bilateral meetings at Australia's Department of Foreign Affairs and Trade (DFAT) here today (13 August) to deepen trade and strategic partnership between the two countries, with discussions focusing on regional economic engagement, trade facilitation and industrial cooperation.
The Bangladesh delegation was led by Commerce Secretary Ataur Rahman Khan, said a press release here today (13 August).
The delegation held separate meetings with DFAT First Assistant Secretary Ravi Kewalram and First Assistant Secretary of the South and Central Asia Division Sarah Storey.
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The meetings discussed three key issues of importance to Bangladesh–its accession to the Regional Comprehensive Economic Partnership (RCEP), extension of the transition period following graduation from the Least Developed Country (LDC) category, and bilateral industrial and trade cooperation.
Bangladesh attaches high importance to its accession to RCEP, considering its potential to connect the South Asian economy with East Asia and ASEAN markets.
Bangladesh has already formally submitted the RCEP accession questionnaire and initiated steps to align its intellectual property, competition and personal data protection laws with RCEP requirements.
In this regard, Bangladesh sought Australia's support and sponsorship as Australia is one of the founding members of RCEP.
Regarding LDC graduation, Bangladesh has sought an extension of its graduation preparation period until November 2029, citing global energy price pressures, trade disruptions and recent domestic economic challenges.
The UN Committee for Development Policy has already recommended the extension, while the final decision is expected at the UN General Assembly in September.
During the meeting, Bangladesh sought Australia's friendly support for the extension and thanked Australia for continuing duty-free and quota-free market access for Bangladeshi products even after the country's graduation.
Bangladesh also proposed concluding a bilateral Free Trade Agreement (FTA) with Australia. The Australian side said it would consult relevant stakeholders and determine the way forward.
The two sides also explored new areas of cooperation to further deepen bilateral trade relations. Bangladesh highlighted the potential for using Australia's high-quality wool and cotton to produce higher-value products for its globally competitive apparel industry.
The discussions identified Bangladesh's garment industry as a potential major destination for Australia's premium natural fibres.
The two sides also discussed cooperation in clean energy technology and grid modernisation, as well as workforce development in partnership with Australian technical and vocational education and training (TVET) institutions.
They exchanged views on Australian assistance for strengthening Bangladesh's trade negotiation capacity and continuation of the training programme titled "Bilateral Trade Negotiations."
Both sides agreed to maintain regular dialogue on RCEP accession, coordinate at the United Nations General Assembly and continue engagement through the working groups under the Trade and Investment Framework Arrangement (TIFA).
Bangladesh delegation expressed hope that the initiatives would take bilateral trade relations to a new height, benefiting both countries.
