Increasing trade and investment ties between the UK and Bangladesh

July 07, 2023
Increasing trade and investment ties between the UK and Bangladesh To improve trade and investment ties between the UK and Bangladesh, UK Minister for International Trade Nigel Huddleston MP came in Dhaka on July 4. Recognizing the potential for job creation and economic progress in both countries, the UK is dedicated to strengthening its trade and investment partnership with Bangladesh. The two nations' combined commerce in products and services increased to an all-time high of £4.7 billion in 2022. UK and Bangladesh: An ambitious vision Expressing his optimism, Minister Nigel Huddleston remarked on the substantial growth of trade between the UK and Bangladesh over the past year. He emphasised the UK’s determination to work closely with the Government of Bangladesh to foster a more robust trade and investment relationship. Addressing barriers to market access and trade will be pivotal in achieving mutual prosperity. Promoting aviation sector growth and trade During his visit, Minister Huddleston is scheduled to meet Salman F Rahman MP, the Private Industry and Investment Adviser to Honourable Prime Minister Sheikh Hasina. Their discussions will revolve around the Aviation Trade and Investment Partnership, a collaborative agreement signed by the UK and Bangladesh in May 2023. The partnership aims to bolster Bangladesh’s aviation sector and create employment opportunities in both countries. Easing trade with the developing countries trading scheme Another significant meeting on the agenda is with Tipu Munshi MP, the Honourable Commerce Minister. The focus of their conversation will be the UK’s pioneering Developing Countries Trading Scheme (DCTS), which recently came into effect. This scheme simplifies trade processes for Bangladesh, enabling exporters to benefit from more favourable Rules of Origin. Consequently, Bangladeshi exporters can incorporate components from a wider range of countries and still enjoy zero-tariff access to the UK market. Unlocking Bangladesh’s aviation potential Furthermore, Minister Huddleston will engage with Mahbub Ali MP, the Honourable State Minister for Civil Aviation and Tourism. The discussions will centre around the UK’s commitment to supporting Bangladesh in its aspirations to become a prominent aviation hub in South Asia. The UK aims to offer assistance in realising this ambition, further strengthening ties between the two nations. The UK Minister’s visit to Bangladesh signifies a strong intent to forge a dynamic trade and investment relationship, opening up avenues for economic growth and collaboration between the two countries.