The Chief Adviser’s move to begin early discussions with the European Union on a Free Trade Agreement (FTA) is an encouraging signal that Bangladesh is finally thinking ahead on trade -- something we have often failed to do in the past.
Too frequently, our economic planning has relied on existing conditions rather than preparing for what comes next. Proactively engaging with the EU, therefore, suggests a welcome shift toward long-term strategy.
Bangladesh’s economy has shown remarkable growth over the past decades, largely driven by the ready-made garment sector, remittances and a growing domestic market.
Yet our current economic standing -- with rising competition from global peers and pressures on margins -- underscores the urgency of securing duty-free and quota-free access to key markets.
With the gradual transition away from LDC-linked benefits, structured trade agreements are essential to protect jobs, sustain exports, and preserve competitiveness.
Securing favourable terms with the EU can help diversify export products and services, reduce tariff burdens, and attract higher-value investment. But this should not be a one-off effort.
However, external negotiations must be matched by internal readiness.
The government must pursue a comprehensive trade strategy that includes strengthening regional partnerships, exploring pacts with other major economies, and deepening ties with existing partners.
Negotiations should focus on not just access, but on mutual standards, technology transfer, and capacity building -- areas where Bangladesh can both contribute and benefit.
This initiative should also set a precedent: Bangladesh must broaden its outlook and actively pursue similar arrangements with other key partners, rather than reacting once preferences expire. Strategic trade diplomacy requires anticipation and preparation, not last minute adjustment.
Starting talks with the EU is a positive step because it reflects intent. We must ensure we make the most of such opportunities with consistency and preparation.
