Australia will continue its duty and quota-free treatment for Bangladeshi exports even after the country graduates from least developed country (LDC) status in 2026.
The Pacific nation formally made this commitment at a meeting of the first Joint Working Group (JWG) on trade and investment held recently in Canberra, according to a statement of the Bangladesh High Commission in Canberra yesterday.
In 2019-20, the two-way trade between the two countries stood at $2.6 billion, which may significantly increase in the coming years, officials said.
The Australian Trade Minister Dan Tehan, in a video message, said Australia and Bangladesh are moving to a new level of partnership — based on shared interests, values, and people-to-people connection, increasingly marked by the dynamism of the commercial ties.
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, and energy and defense collaboration, among others.
Australia also 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 further strengthen bilateral trade.
The two countries also agreed to enhance industry connections between Australian exporters of raw materials like cotton, wool, and hides, and importers, manufacturers in Bangladesh.
Meanwhile, Australia also expressed keenness to explore investment opportunities in infrastructure, energy, mining, and ICT sectors in Bangladesh.
The next JWG meeting will take place in Bangladesh early next year.
