Australia to continue Bangladeshi products’ duty-free access in the post-LDC period
The commitment came at the first meeting of the joint working group on trade and investment between the two countries
Australia has officially assured the continuation of duty-free and quota-free treatment to Bangladesh exports even after graduation out of Least Developed Countries (LDC) in 2026.
The commitment came at the meeting of the first joint working group (JWG) on trade and investment held on 22 February at Canberra, said a press release.
The JWG was formed under the Trade and Investment Framework Arrangement (TIFA) signed between Australia and Bangladesh to consider all aspects of increased trade and investment in both countries.
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The JWG had productive discussions on general trade issues, trade in goods and services, trade facilitation, promotion of investment, energy and defence collaboration among others.
Australia agreed to initiate a study on prospects of greater trade and investment flow for adding dynamism in 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 agreed to enhance industry connections between Australian exporters of raw materials like cotton, wool, hides and importers and manufacturers in Bangladesh.
They decided to explore options to engage with global value chains as well as third-country markets and 'buy back' finished goods made from Australian inputs. They would arrange consultations on LNG sales to Bangladesh including on innovative options around Bangladesh's preferred government-to-government arrangement.
The Australian Trade Minister sent a video message for the JWG meeting, where he said "Australia and Bangladesh are moving to a new level of partnership, one based on shared interests, values, and people-to-people links and increasingly marked by the dynamism of the commercial ties."
Australian investors were encouraged to invest in Bangladesh and in particular in infrastructure sectors in Bangladesh. Australia expressed keenness to explore investment opportunities in the infrastructure, energy, mining and ICT sectors.
Australia also agreed to support Bangladesh in capacity building and human resource development through cooperation on technical and vocational education for enabling a greater number of Bangladeshi students to pursue higher studies in Australia.
Australia expressed willingness to provide training on the Australian Fumigation Accreditation Scheme to help Bangladeshi producers and exporters meet regulatory standards of the Australian market.
Senior Secretary for Commerce Tapan Kanti Ghosh and First Assistant Secretary Gary Cowan of North and South Asia Division, Department of Foreign Affairs and Trade (DFAT) led the talks from the Bangladesh and Australia sides respectively.
The next JWG meeting will take place in Bangladesh early next year.
