Aus to continue duty-free facility for Bangladesh's exports after 2026

05 Mar '22

2 min read

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Australia will continue its duty and quota free treatment for exports from Bangladesh even after the country graduates from the least developed country (LDC) status in 2026. This commitment was made at a meeting of the first Joint Working Group (JWG) on trade and investment held recently in Canberra, the Bangladesh high commission in the city said a statement.

Two-way trade between the countries in 2019-20 was worth $2.6 billion, which may significantly increase in the coming years, Bangladesh media reported quoting government officials.

Formed under the Trade and Investment Framework Arrangement (TIFA) between Australia and Bangladesh, the JWG meeting had productive discussions on general trade issues, trade in goods and services, trade facilitation, promotion of investment, energy and defence collaboration, among others.

The JWG agreed to involve relevant private sectors and encouraged institutional linkages between apex trade bodies of the two countries to further strengthen bilateral trade.

Australia also agreed to initiate a study on prospects of greater trade and investment flow for adding dynamism in economic ties.

The two countries also agreed to enhance industry connections between Australian exporters of raw materials like cotton, wool, hides and importers, manufacturers in Bangladesh.

Australia also expressed its keenness to explore investment opportunities in infrastructure, energy, mining and information and communication technology sectors in Bangladesh.

The next JWG meeting will take place in Bangladesh early next year.

Fibre2Fashion News Desk (DS)

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