Australia and Bangladesh want to take the relationship between the two countries to a new height by strengthening partnership and expanding trade and investment in potential areas.
Both sides are also keen to explore opportunities and turn them into reality through collaboration in order to derive reciprocal benefits.
The willingness was expressed during a meeting between Australian Assistant Minister for Trade Senator Tim Ayres and Bangladesh High Commissioner to Australia M Allama Siddiki accompanied by BGMEA President Faruque Hassan at the Commonwealth Parliamentary Office in Sydney yesterday, said a press release in Dhaka today.
During the meeting, they had discussions about general trade issues, investment opportunities and areas of collaboration.
They also stressed on the need for finding ways to enhance trade and investment flow for adding dynamism in economic ties.
The issues of Bangladesh's economic development, LDC graduation and its associated challenges and preparations to overcome them were also discussed.
Tim Ayres assured that Australia would continue duty free facility for Bangladesh's exports even after graduation out of LDC in 2026.
Faruque Hassan expressed thanks to Australia for supporting Bangladesh in its journey towards development, particularly for the decision of continuation of duty free market access in the post LDC period.
Highlighting the trade potential, he said Bangladesh considers Australia as a promising market for apparel exports, especially high-end fashion items.
The BGMEA President also pointed to Bangladesh's interest in enhancing exports of cotton and wool from Australia for its RMG sector, emphasizing the need for enhancing industry connections between Australian exporters of raw materials like cotton, wool and importers and manufacturers in Bangladesh.
It would create a win-win situation for both the countries, he added.
Source: BSS