New Zealand has expressed interest in continuing duty-free and preferential market access facilities for Bangladesh even after its graduation from the least developed country category, while also seeking to expand bilateral trade and investment between the two countries.

The issue was discussed at a meeting between commerce minister Khandaker Abdul Muktadir and New Zealand’s non-resident high commissioner to Bangladesh, David Pine, on Sunday at the secretariat, said a ministry press release.

They also discussed effective utilisation of existing regional frameworks to strengthen trade cooperation and explored the possibility of signing a comprehensive bilateral free trade agreement between the two countries.

The minister said that regardless of whether Bangladesh graduates from the LDC category, sustaining long-term economic growth would require significant annual investment.

He also said that New Zealand was placing special importance on ensuring that Bangladesh’s existing duty-free and preferential market access facilities remained uninterrupted after its LDC graduation.

The commerce minister said that rapid investment growth and employment generation were essential for ensuring a successful transition of Bangladesh from the least developed country category.

He said that since a major portion of Bangladesh’s exports depended on the readymade garment sector, maintaining the sector’s competitiveness and ensuring preferential access to international markets were extremely important.

Highlighting Bangladesh’s efforts to facilitate business and trade, he said that New Zealand investors could benefit by investing in several promising sectors in Bangladesh.

He also said that the government was giving top priority to industrialisation, employment generation and export diversification to strengthen the country’s economy further.

During the meeting, David Pine said that in the current global context, diversification of trade was important for exports and import sources.

He also said that greater diversification would allow both countries to gain mutual benefits.

Regarding agricultural trade expansion, he said that New Zealand products were internationally recognised as reliable, high-quality, safe and GMO-free.

He also said that New Zealand was interested in establishing a stable and long-term trade framework with Bangladesh.

Officials from the commerce ministry were also present during the meeting.