(MENAFN – IANS)
Dhaka, Sept 16 (IANS) Bangladesh Trade Minister Tipu Munshi and his Australian Trade, Tourism and Investment counterpart Dan Tehan signed a framework on trade and investment between the two countries, said the Ministry of Foreign Affairs in Dhaka in a statement. Thursday.
The Trade and Investment Framework Agreement (TIFA), the first of its kind between Australia and Bangladesh in the past five decades, is expected to provide a platform for institutionalized economic interactions and open up new trade and investment opportunities between the two countries, Xinhua News Agency quoted the statement.
He said a joint working group should provide a mechanism to move the discussion forward to realize the full potential of trade and investment.
Speaking in a virtual signing ceremony on Wednesday, Minister Tipu Munshi said: âI am deeply pleased that TIFA was signed during the year as Bangladesh celebrates the Golden Jubilee of Independence and the centenary of the birth of the father of the Bangabandhu nation, Sheikh Mujibur. Rahman.
“We expect the TIFA to address all relevant issues, including the continuation of duty-free and quota-free treatment (DFQF) for Bangladesh after the withdrawal of LDCs (Least Developed Countries), trade liberalization , creating an atmosphere conducive to greater trade in services and investment flows.
He invited his Australian counterpart to visit Dhaka soon.
Tehan warmly accepted the invitation and promised to visit Bangladesh next year with a trade and investment delegation.
He assured Bangladesh of the continuation of FDSC treatment pending the next review which is not expected in the foreseeable future.
“Australia has the potential to meet Bangladesh’s growing education, training and energy needs,” he added.
Bilateral Bangladesh-Australia trade has grown six-fold over the past decade, reaching $ 2.6 billion last year.
Ready-to-wear, agriculture, food and educational services have been the main drivers of this growth.
While not an elaborate and legally binding agreement, the TIFA can help add new negotiable items on both sides and facilitate bilateral trade and investment.
Australia has offered to host the inaugural meeting of the joint working group in early 2022.
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