DHAKA, Sept 16 (NNN-BSS) – Bangladeshi Commerce Minister, Tipu Munshi, and his Australian counterpart, Minister for Trade, Tourism and Investment, Dan Tehan, signed a framework on trade and investment between the two countries.
The Trade and Investment Framework Arrangement (TIFA), first of its kind between the two countries in the last five decades, is expected to provide a platform for institutionalised economic interactions, and to open newer opportunities for trade and investment between the two countries, Bangladesh’s Ministry of Foreign Affairs said in a statement.
It said, a joint working group is expected to offer a mechanism to take forward discussion to realise full potentials of trade and investment.
Speaking at a virtual signing ceremony yesterday, Minister Tipu said, “I am profoundly happy that TIFA has been signed in the year, while Bangladesh is celebrating its golden jubilee of independence and the birth centenary of the Father of the Nation, Bangabandhu Sheikh Mujibur Rahman.”
“We would expect TIFA to address all relevant questions, including retention of the Duty-Free Quota-Free (DFQF) treatment for Bangladesh, in the post LDC graduation (least developed countries), trade liberalisation, creating a conducive atmosphere for greater trade in services and flow of investment,” Munshi said.
He invited his Australian counterpart to visit Dhaka soon. Tehan warmly accepted the invitation and promised to visit Bangladesh next year, with a trade delegation.
He assured Bangladesh of the continuation of DFQF treatment, pending the next review which is not scheduled in the foreseeable future.
“Australia has the potential to meet Bangladesh’s increasing education, training and energy needs,” he added.
Bangladesh-Australia bilateral trade has grown six times over the past decade, reaching 2.6 billion U.S. dollars last year. Ready-made garment, agriculture, food and education services were key drivers of this growth.
Despite not being an elaborate and legally binding agreement, TIFA can help add new tradeable items from both sides, and facilitate trade and investment. Australia proposed to host the inaugural meeting of the joint working group in early 2022.– NNN-BSS
