UK wants trade, investment dialogue with Bangladesh twice a year

The British government is keen to start bilateral trade and investment dialogues with Bangladesh in the post-Brexit era.

The dialogues, to be held twice a year, will try to identify and remove impediments to the growth of trade and investment between both countries.

The British High Commission has already sent a letter to the West Europe and EU branch of the Bangladeshi foreign ministry in this regard. And the West Europe and EU branch has also forwarded the proposal to Commerce Secretary Dr Md Jafar Uddin.

An official of the commerce ministry, wishing to remain anonymous, said they have great hope about the new dialogues with the United Kingdom.

“Bangladeshi exporters are enjoying duty-free excess after Brexit, but we need more business facilities from the island country,” the official said.

According to the letter, the biannual dialogues shall comprise representatives from both sides.

The United Kingdom side will be chaired by the British High Commissioner to Bangladesh and the Bangladesh side will be chaired by the Minister of Commerce.

To forge the deepest possible trading relationship, and as part of a roadmap which will consider all options towards strengthening future trading arrangements, the dialogues will review trade and investment activity between the parties as a means to identify opportunities for expansion, the letter reads.

Besides, the two parties will also seek advice of the private sector — where appropriate — on the matters.

In his last meeting with Commerce Minister Tipu Munshi, the British High Commissioner to Bangladesh Robert Chatterton Dickson said that goods from Bangladesh would continue to enjoy duty-free access to the UK following Brexit.

“The UK is looking to harness the opportunity presented by the exit from the EU to develop a future trading partnership with Bangladesh, that will increase two-way trade and bring greater prosperity to both of our countries," he added.

In the 2019-20 fiscal year, 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 shipments.