Dhaka, Kuala Lumpur agree to explore FTA possibility to boost bilateral trade

Bangladesh and Malaysia have agreed to explore the possibility of concluding a free trade agreement (FTA) in order to add further substance to the steadily increasing bilateral trade and economic relations.

During the Third Foreign Office Consultations (FOC) between the countries at the foreign ministry in Dhaka yesterday, the two sides also reiterated their commitment to working in closer collaboration in order to effect an orderly, safe, and ethical migration of Bangladeshi expatriate workers by reducing migration costs, and ensuring a conducive atmosphere for the workers in Malaysia, says a foreign ministry press release.

The Malaysian delegation highly lauded the valuable contribution of Bangladeshi workers to maintaining the vitality of the Malaysian economy.    

Foreign Secretary (Senior Secretary) Ambassador Masud Bin Momen led the Bangladesh delegation, while a five-member Malaysian delegation was led by Dato Norman Muhamad, deputy secretary general of the Ministry of Foreign Affairs of Malaysia.

Describing Malaysia as an important investor country in Bangladesh, the foreign secretary encouraged a greater flow of foreign direct investments (FDI) from Malaysia, particularly in the Economic Zones of Bangladesh, for mutual benefit.  

Bangladesh sought an expeditious inclusion as a Sectoral Dialogue Partner of ASEAN, and called on Malaysia to play a more active role in facilitating a swift repatriation of Rohingya people from Bangladesh to their home country of Myanmar, both bilaterally and within the ASEAN framework, adds the press release.

The two sides stressed the importance of maintaining the momentum through the regular exchange of high-level visits and agreed to materialize the proposed visit of the Prime Minister of Malaysia to Bangladesh at the earliest convenience. 

Both sides expressed satisfaction at the current level of engagement and stressed raising it further through adequate follow-up on the existing bilateral instruments and mechanisms. They expressed optimism that the foreign office consultations, held after a hiatus of more than five years, would contribute significantly toward infusing further dynamism into the existing bilateral relations. 

The two sides expressed their commitment to their increased engagement across all areas to further strengthen cooperation. The next foreign office consultations will be held in Malaysia on a mutually convenient date, concludes the press release.