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)