UK MP Rupa Huq calls for FTA with Bangladesh to boost bilateral trade

UK Member of Parliament Rupa Huq has called for a free trade agreement (FTA) between the UK and Bangladesh to enhance bilateral trade.

"We need an FTA with Bangladesh in any form to increase bilateral trade," she said while speaking at a meeting held at Hotel Sarina in the capital's Banani today.

Rupa, who is part of the visiting UK Bangladesh Catalysts of Commerce and Industry (UKBCCI) delegation, highlighted the need to diversify trade beyond garment exports.

"Relying solely on garment exports will not suffice. There are opportunities to work together on various technologies, especially artificial intelligence," she said.

She also addressed global economic challenges, noting the impact of the Ukraine-Russia war on inflation and commodity prices in the UK.

"People have to pay high prices for oil, gas, and commodities as wheat is imported from Ukraine. Now [they] have to pay a higher price for bread," she added.  

The event's chief guest, former commerce minister and BNP standing committee member Amir Khosru Mahmud Chowdhury, urged stakeholders to explore new economic opportunities.

"We cannot dwell on what has happened in politics for so long. We have to talk about new possibilities. Foreign investors should not feel that they are being discriminated against," he said, calling for equal opportunities across industries.

"The economy must be democratised. We must be more liberal in trade. We need to consider why only the garment sector received all the major benefits, and why 20 other potential sectors did not," he said.  

Amir Khosru stressed the importance of skill development in harnessing Bangladesh's demographic dividend. He pledged trade-focused diplomacy if his party assumed power.

"When we come to power, our diplomacy will be trade diplomacy; every mission has to report on their progress on trade and the right engagement for expatriate people," he added.  

Addressing the meeting, BGMEA Administrator Md Anwar Hossain highlighted investment prospects in Bangladesh's textile sector.

"Bangladesh still imports $11 billion worth of textile products annually. Yet there are ample opportunities for investment in this sector," he said, calling for a Bangladesh-UK FTA to enhance exports, citing Vietnam as an example.

BKMEA President Mohammad Hatem criticised foreign buyers for unfair practices and suggested postponing Bangladesh's LDC graduation.

"The LDC graduation should be postponed by three years because businesses are being harmed in various ways," he said.  

The event was organised by the Bangladesh Textile Mills Association (BTMA) in collaboration with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA). 

The meeting showcased the potential for strengthening UK-Bangladesh trade ties through diversification, investment, and policy initiatives.