Commerce Minister calls for trade related research and technical cooperation

Commerce Minister Tipu Munshi has called on the UK to cooperate in trade-related research and technical capacity building to diversify domestic products. He made the call in a meeting with a delegation led by UK Minister of State for Business and Trade, Nigel Huddlestone, who is visiting Bangladesh at Hotel Intercontinental in the capital today. The commerce minister said Bangladesh is the 2nd largest RMG exporter, 3rd largest vegetable producer, 4th largest rice producer and 5th largest producer of inland freshwater fisheries in the world. Besides, many diversified products including high quality drugs, generic drugs, unique jute products, leather products, home textiles, frozen food, ceramics, furniture, toys and electronic products are being produced. Request for import of these products. Pointing out that the United Kingdom is currently the 3rd largest export destination of Bangladesh, Tipu Munshi said that in the fiscal year 2022-2023, Bangladesh exported 5.31 billion US dollars and imported 450 million US dollars from the United Kingdom. He said there is a huge scope for improving trade, investment and economic relations between the two countries. He emphasized on working together to elevate the financial and trade relations to new heights while keeping the mutual interests of the two countries intact. Stating that Bangladesh is currently a good place for investment, Tipu Munshi said that under the leadership of Prime Minister Sheikh Hasina, the construction of Padma Bridge, inauguration of Dhaka Metro Rail, third terminal of Dhaka Airport, new international airport at Cox’s Bazar and 100 Special Economic Zones have added new dimensions. Country-wise separate economic zones are being allocated to increase foreign investment. He urged the UK government to invest in these economic zones. The Minister of Commerce has already held two meetings of the Joint Working Group for the expansion of economic and commercial relations between the two countries and will hold the third meeting very soon. The 1st and 2nd Bangladesh-United Kingdom Trade and Investment Dialogues will be held in Dhaka. This regular dialogue will contribute to strengthening bilateral trade, economic and investment between Bangladesh and the UK based on our shared values and standards. We thank the UK for continuing duty free-quota free benefits under the Developing Country Trading Scheme-DCTS till 2029. After the transition of Bangladesh from LDC in 2026, he also called for continuing the duty-free quota-free facility for the next six years. Meanwhile, the visiting UK Minister of State for Business and Trade, Nigel Huddlestone, expressed his interest in cooperation in the fields of aviation, education and defense as well as trade in his country Bangladesh. Referring to the excellent close relations between Bangladesh and the United Kingdom, the State Minister said that the trade relations between the two countries are gradually increasing. Apart from ready-made garments, there is a huge market for Bangladeshi products in the UK. He expressed optimism that this market will increase manifold in the future. Meanwhile, he informed the commerce minister that the businessmen of his country are facing various problems and challenges in Bangladesh and requested them to solve them. Commerce Minister assured that if specific problems are reported, they will be resolved quickly. British High Commissioner to Bangladesh Sarah Catherine Cook and Additional Secretary of the Ministry of Commerce Md. Abdur Rahim Khan and senior officials were present in the meeting.