Australia will continue to provide Bangladesh with duty-free access to its market even after the country's graduation from the LDC category in view of the prospects of higher trade and investment flow.
High Commissioner of Australia to Bangladesh Jeremy Bruer informed his government's decision to BGMEA President Faruque Hassan during a courtesy meeting, as a BGMEA delegation visited the Australian High Commission on Sunday, a press release said.
BGMEA First Vice President Syed Nazrul Islam, Vice President Miran Ali, directors Asif Ashraf and Vidiya Amrit Khan, and Chair of BGMEA Standing Committee on Foreign Mission Cell Shams Mahmud also accompanied Mr Hassan.
Duncan McCullough, Second Secretary (Commercial and Economic Diplomacy) at the Australian High Commission, was also present on the occasion.
Australia has emerged as a prospective destination for Bangladeshi ready-made garments in recent years, as shipments increased to US $812 million in the just ended financial year (FY 22), marking a 12 per cent growth over the previous FY, according to the Export Promotion Bureau (EPB).
The country now ranked 12th, considering Bangladesh's RMG export earnings from across the globe. It is now the second largest RMG grossing nation among the non-traditional markets (destinations excluding EU, US, UK and Canada).
The BGMEA president lauded the Australian government's decision to continue duty-free market access for Bangladesh, saying it would support the country to maintain its momentum of economic growth even after the LDC graduation in 2026.
Mr Hassan hoped that the friendly support of Australia for development of Bangladesh would continue in the coming years also.
The BGMEA leaders expressed Bangladesh's interest in importing more cotton and wool from Australia to meet growing demand of the local RMG and textile industry.
They sought cooperation of Australia in developing knowledge and skills of the students of BGMEA University of Fashion and Technology (BUFT) in textile, apparel, fashion, design and business through collaboration with leading Australian universities and fashion institutes.
Earlier, the first Joint Working Group (JWG) meeting on trade and investment between Bangladesh and Australia was held in February in Canberra, according to the Bangladesh High Commission.
Formed under the Trade and Investment Framework Arrangement (TIFA) between Australia and Bangladesh, the JWG meeting had productive discussions on general trade issues, trade of goods and services, trade facilitation, investment promotion, and energy and defence collaboration, among others.
Australia agreed to initiate a study on prospects of higher 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 also agreed to enhance industry connections between Australian exporters of raw materials like cotton, wool and hides and Bangladeshi importers and manufacturers.
They decided to explore options to engage with global value chains as well as third country markets and "buyback" finished goods made from Australian inputs.
Australia then officially assured Bangladesh to continue its duty-free treatment for products after the LDC graduation.
tonmoy.wardad@gmail.com