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Bangladesh has resolved 48 of the 61 non-tariff trade barriers identified by the European Union, marking significant progress in efforts to strengthen and facilitate bilateral trade.
The remaining issues are also in the process of being resolved, while preparatory discussions on a Free Trade Agreement (FTA) and an Investment Protection Agreement with the EU are set to begin soon.
Commerce Minister Khandaker Abdul Muktadir disclosed the information at a joint press briefing at the Commerce Ministry’s conference room on Sunday (September 6).
EU Ambassador and Head of Delegation to Bangladesh Michael Miller, Economic and Planning Adviser Rasheduzzaman Titumir, Foreign Affairs State Minister Shama Obaed, Planning State Minister Zunaid Abdul Rahim Saki, and senior officials from the commerce and foreign ministries were present at the briefing.
The commerce minister said that after taking office, an EU delegation led by Ambassador Miller raised a number of specific obstacles affecting trade with Bangladesh during a meeting in March.
Following the initiative, the National Board of Revenue (NBR), ministries of agriculture, fisheries and livestock, shipping, and other relevant agencies worked together to resolve most of the issues as quickly as possible, he said.
Among the major issues resolved were complications over renewing licences for 100-percent foreign-owned logistics companies, increasing the annual limit for importing commercial samples from $10,000 to $20,000, and resolving customs valuation complications involving smart cards used to ensure traceability of export products.
EU Responds Positively to FTA Proposal
EU Ambassador Michael Miller said the European Commission has responded positively to Bangladesh’s formal proposal for an FTA and an Investment Protection Agreement.
Once the necessary approvals are secured from EU member states, joint technical discussions on the agreements could begin as early as this week, he said.
Miller stressed the need for a transparent, stable and competitive business environment to deepen economic cooperation between Bangladesh and the EU.
He said both sides would benefit if transparency and fair competition were ensured in public procurement.
The EU ambassador also expressed optimism that discussions on Bangladesh’s proposed purchase of Airbus aircraft would move forward quickly as part of efforts to expand air connectivity and trade cooperation between Bangladesh and the EU.
Import Decisions Based on National Interest
Asked about imports of goods from the United States, Commerce Minister Muktadir said Bangladesh always makes import decisions based on national interests, economic rationale and public needs.
He said government procurement committees approve imports of LNG and food grains after analysing competitive prices, product quality and wastage rates.
Bangladesh’s trade policy is not driven by the influence of any particular country, he added, saying the country’s economic interests and public welfare remain the key considerations behind all decisions.
New Horizon in Bangladesh-EU Economic Partnership
Analysts say the launch of FTA discussions with the EU could create new opportunities for Bangladesh’s export sector, particularly the ready-made garment, agro-processing and pharmaceutical industries, as well as other promising sectors.
The removal of trade barriers is also expected to facilitate greater bilateral investment and technological cooperation.
The latest progress is being viewed as an important milestone in transforming the longstanding Bangladesh-EU trade relationship into a more sustainable and mutually beneficial economic partnership.
