New Zealand has proposed initiating negotiations for a bilateral free trade agreement with Bangladesh to significantly expand trade and investment between the two nations.
The proposal was moved by New Zealand’s trade and investment minister Todd McClay during a high-level bilateral meeting with Bangladesh commerce minister Khandaker Abdul Muktadir on the sidelines of the 14th WTO Ministerial Conference (MC14) held on Sunday at the Palace of Congress, in Yaound, Cameroon, said a press release on Monday.
The meeting was also attended by Bangladesh’s commerce secretary Mahbubur Rahman and other senior officials from both nations.
Highlighting the vision and goals of the newly elected government, Muktadir emphasised Bangladesh’s commitment to creating a business-friendly environment and increasing active participation in global value chains.
He noted that as the country prepared for its upcoming graduation from least developed country status, the government was prioritising strategic market diversification to ensure economic sustainability.
The minister informed his counterpart that Bangladesh had already signed an economic partnership agreement with Japan and was currently engaged in active negotiations for similar trade arrangements with South Korea, Singapore and the United Arab Emirates.
In another bilateral meeting held on the sidelines of the MC14, Bangladesh and the European Union have expressed optimism about further strengthening trade and investment cooperation, reported UNB.
During the meeting that took place on Sunday in Yaoundé, Cameroon, commerce minister Khandaker Abdul Muktadir reiterated Bangladesh’s strong commitment to enhancing economic partnership with the EU, said a commerce ministry press release on Monday.
The commerce minister led the Bangladesh delegation which included commerce secretary Mahbubur Rahman and other senior officials of the ministry.
EU commissioner Maroš Šefčovič led the European side accompanied by director-general for Trade Sabine Weyand and other senior officials.
Muktadir urged the EU to initiate discussions on a free trade agreement at an early stage, noting that the bloc remained Bangladesh’s largest export destination particularly for readymade garments.
The EU side assured that Bangladesh’s request for extending the LDC transition period would be considered positively and appreciated the ongoing labour reforms, said the release.
Regarding the proposed FTA, EU officials said that the matter would be assessed following the completion of necessary internal processes.
During the discussions with New Zealand, the commerce minister reiterated Bangladesh’s strong interest in joining the Regional Comprehensive Economic Partnership (RCEP), seeking New Zealand’s support for the accession.
He pointed out that Bangladesh’s strategic geographic location as a bridge between South and South-East Asia, coupled with its rapidly growing middle-class population, makes it a vital and suitable partner for the regional trade bloc.
In response, minister Todd McClay lauded Bangladesh’s geopolitical importance and economic potential, describing the country as a ‘suitable partner’ for RCEP.
He assured that New Zealand would work to coordinate with other member states to facilitate Bangladesh’s inclusion in the bloc.
Regarding the proposed bilateral FTA, the New Zealand minister underscored that such an agreement would not only enhance trade volumes but also send a powerful positive signal to the global investor community about the stability and potential of the Bangladesh market during its critical post-LDC transition phase.
The New Zealand minister also accepted an invitation from his Bangladeshi counterpart to visit Dhaka, expressing his intent to undertake the visit by the middle of the current year.
Both sides concluded the meeting by reaffirming their mutual commitment to exploring fresh avenues of economic cooperation and maintaining the long-standing friendly ties between the two countries, the release added.
