British MP Rupa Huq has called for a Free Trade Agreement (FTA) to strengthen trade relations between Bangladesh and the UK.
She voiced the proposal at a meeting held at a hotel in Banani in the capital on Tuesday.
Rupa, who is visiting Bangladesh as a member of the UK Bangladesh Catalysts of Commerce and Industry (UKBCCI) delegation.
She said that an FTA is necessary to increase bilateral trade with Bangladesh in any way. There is an opportunity to work together in sectors such as technology and artificial intelligence (AI) instead of relying only on the garment industry.
She also said that the prices of essentials have increased in the UK due to the Ukraine-Russia war. Especially the increase in prices of goods like oil, gas and wheat is putting extreme pressure on consumers. New ways of trade must be invented to overcome this crisis.
BNP Standing Committee member and former Commerce Minister Amir Khasru Mahmud Chowdhury was also present at the meeting.
He said, "We cannot remain stuck in the old issues of politics. We have to talk about new possibilities. We have to ensure that foreign investors never face discrimination."
Highlighting the need for democratisation of the economy, he said, "We have to be more liberal in terms of trade. We have to deeply consider why only the garment sector got all the big facilities and benefits, while the other 20 promising sectors did not get them.”
If equal facilities are ensured for everyone, the cost of doing business will also naturally decrease, he pointed out.
Amir Khasru said, “If BNP comes to power, our diplomacy will be trade-centric. Every mission will have to report on their progress on trade expansion and proper engagement with the diaspora."
BGMEA Administrator Md. Anwar Hossain said that Bangladesh still imports $11 billion worth of textile products annually, which should be reduced by utilizing investment opportunities in this sector.
Citing the example of Vietnam, he said that exports could increase significantly if there is a free trade agreement with the UK.
On the other hand, BKMEA President Mohammad Hatem said that foreign buyers are buying garments at unfairly low prices from Bangladesh.
If the LDC graduation is postponed for another three years, traders can be protected from losses to some extent, he also opined.
Source: UNB
Bd-pratidin English/Lutful Hoque
