Bangladesh seeks Australia, NZ support to expand trade

Bangladesh has sought Australia’s support for joining the Regional Comprehensive Economic Partnership (RCEP) to secure preferential market access after graduating from the least developed country (LDC) category.

It has also proposed signing free trade agreements (FTA) with Australia and New Zealand to boost bilateral trade and investment, reads a press statement.

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Commerce Secretary Md Ataur Rahman Khan made the requests during meetings in Canberra yesterday and Wellington on Wednesday as he led a delegation to Australia and New Zealand to explore opportunities to increase bilateral trade.

In Canberra, the secretary met Ravi Kewalram, first assistant secretary of the Australian Department of Foreign Affairs and Trade, and Sarah Storey, first assistant secretary of the South and Central Asia Division.

Bangladesh sought Australia’s support for its possible accession to RCEP and for extending the LDC graduation preparation period by another three years. Bangladesh has applied to the United Nations to extend its graduation period until November 2029.

The UN Committee for Development Policy has recommended the extension, while the UN General Assembly is expected to take a final decision in September.

Bangladesh also thanked Australia for continuing duty-free and quota-free market access for Bangladeshi products after graduation.

The country proposed a bilateral FTA with Australia. In response, Australia said it would consult stakeholders and determine the appropriate course of action.

Bangladesh has already formally submitted the RCEP accession questionnaire and started aligning its laws on intellectual property, competition and personal data protection with RCEP standards.

With a market of around 170 million people, Bangladesh’s accession to RCEP could help create a trade bridge between South Asia, East Asia and the Association of Southeast Asian Nations (ASEAN).

In Wellington, the commerce secretary proposed an FTA with New Zealand during a meeting with representatives of the country’s Ministry for Primary Industries.

He also sought New Zealand’s support for Bangladesh’s possible accession to RCEP and emphasised the importance of extending the transition period by another three years to facilitate a smoother LDC graduation.

Bangladesh also proposed establishing a business forum between the two countries, forming a technical working group among relevant agencies, designating dedicated focal points for communication and facilitating regular information exchange.

The meeting in Wellington also focused on strengthening cooperation in agriculture, food security, technology exchange and trade expansion.

Bangladesh is reshaping its trade policy ahead of LDC graduation to reduce the impact of losing duty-free market access. It has signed an Economic Partnership Agreement with Japan and finalised a Comprehensive Economic Partnership Agreement with South Korea.