Australia to continue duty-free market access beyond graduation

Australia will continue to provide Bangladesh with duty-free access to its market after the country’s graduation from the LDC category.

High Commissioner of Australia to Bangladesh Jeremy Bruer informed BGMEA President Faruque Hassan about the Australian government’s decision when he paid a courtesy call on the envoy at the High Commission in Dhaka on Sunday, said a press release.

BGMEA First Vice President Syed Nazrul Islam, Vice President Miran Ali, Directors Asif Ashraf, Barrister Vidiya Amrit Khan and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud accompanied the President during the visit.

Duncan McCullough, Second Secretary (Commercial and Economic Diplomacy) at the Australian High Commission in Dhaka, was also present on the occasion.

BGMEA President Faruque Hassan hailed the Australian government’s decision to continue duty-free market access for Bangladesh, saying that it would support Bangladesh in maintaining its economic growth momentum after the LDC graduation.

He hoped that the friendly support of Australia for the development of Bangladesh would continue in the coming years.

Different issues, especially potential areas of expanding trade and investment between Australia and Bangladesh, were discussed at the meeting.

They opined that both countries have huge opportunities to reap mutual trade benefits by further deepening collaboration and cooperation.

The BGMEA leaders expressed Bangladesh’s interest in importing more cotton and wool from Australia to meet the growing demand of the RMG and textile industry.

They sought the cooperation of Australia in developing the knowledge and skills of BGMEA University of Fashion and Technology (BUFT) students in textile, apparel, fashion, design and business through collaboration with leading Australian universities and fashion institutes.

Previously, in March, the Trade and Investment Framework Arrangement (TIFA) between Australia and Bangladesh held a Joint Working Group (JWG) meeting, which produced solutions to general trade issues, trade in goods and services, trade facilitation, promotion of investment, energy and defence collaboration, among others.

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

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

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

They decided to explore options to engage with global value chains and third country markets and “buy back” finished goods made from Australian inputs.

Australia expressed keenness to explore investment opportunities in Bangladesh’s infrastructure, energy, mining and ICT sectors.

Australia also agreed to support Bangladesh in capacity-building and human resource development through cooperation on technical and vocation education and updating the Country Education Profile to enable more Bangladeshi students to pursue higher studies in Australia.

Australia expressed its willingness to provide training on the Australian Fumigation Accreditation Scheme to help Bangladeshi producers and exporters meet the regulatory standards of the Australian market in that meeting.