Home ›› 17 Nov 2022 ›› Governance
The government inked a memorandum of cooperation (MoC) with Singapore yesterday and has taken initiatives to sign a free trade agreement (FTA) with the island country in a bid to increase bilateral trade and investment.
“Hopefully, negotiations to sign the FTA will begin soon,” Commerce Minister Tipu Munshi told journalists after a meeting with a Singaporean delegation at the secretariat.
Singapore’s Minister for Transport and Minister-in-charge of Trade Relations S Iswaran led the delegation during the meeting with Tipu Munshi.
The ministers signed the MoC during the meeting on behalf of their respective countries.
Speaking about the MoC, Tipu Munshi said “It will play a significant role in increasing trade and investment. A joint working group is already working between the two countries.
Further steps will be taken after in-depth discussion to increase trade, investment and economic cooperation.”
S Iswaran said, “Both countries have opportunities to increase trade, investment and economic cooperation.
“Singapore is keen to work with Bangladesh. The international airport at Cox’s Bazar will be very helpful for the growth of trade and tourism of Bangladesh.”
The Singaporean minister also said his country will work with Bangladesh in the ICT sector.
Meanwhile, replying to questions from journalists, Minister Tipu said Bangladesh is sending skilled manpower to Singapore, who have gained reputations for their good works and are sending remittance here.
He also said Bangladesh is working to obtain Halal certification, which is expected to increase the export of Bangladeshi products to Singapore.
After LDC graduation, Bangladesh is expected to face challenges that will be easier to tackle by signing FTAs with other countries.
