Home Finance FBCCI Desires Free Trade Agreement With UK

FBCCI Desires Free Trade Agreement With UK

FBCCI Desires Free Trade Agreement With UK
Photo: Collected

Bangladesh’s top business organization FBCCI wants its free trade agreement with the UK. In this regard, the Confederation of British Industry (CBI) urged the FBCCI President, Mr. Jasim Uddin. This call was made at a networking dinner organized by FBCCI at a hotel in the capital by the courtesy of the visiting CBI President and Birmingham University Chancellor, Karan Bilimoria, Baron Bilimoria. So, FBCCI Desires Free Trade Agreement With UK.

Besides, Mr. Jasim urged Mr. Bilimoria to take steps to continue the current trade cooperation with the United Kingdom after Bangladesh’s transition from LDC. He also proposed to sign a memorandum of understanding between FBCCI and CBI to increase trade and investment and improve the efficiency of the two countries.

Currently, the trade volume between Bangladesh and the UK is 5.46 billion dollars. In the fiscal year 2021-22, the country exported goods worth 4.83 billion dollars. In contrast, imports were zero.63 billion dollars. Calling for UK investment in Bangladesh, the FBCCI President said that Bangladesh has become the regional hub of South Asia due to trade growth and infrastructure development. There is huge potential for trade and investment between the two countries in food processing, information technology, plastics, petrochemicals, shipbuilding, tourism, infrastructure, petroleum, and energy sectors.

In the chief guest’s speech, Industry Minister Nurul Majid Mahmud Humayun expressed hope to support the UK in the next stages of Bangladesh’s economic development, including becoming a developing country from a low-income country. CBI President and the University of Birmingham Chancellor said that trust between the two countries should be developed to increase bilateral investment.

In the speech of the special guest, the senior secretary of the Ministry of Foreign Affairs, Masud Bin Momen, said that there could be a study on the feasibility of exporting Bangladeshi agricultural products between the two countries’ private sectors. In addition, Masood bin Momen advised the two countries’ private sectors to work on increasing the participation of Bangladeshi freelancers in the UK outsourcing market, exporting Bangladeshi doctors, nurses, caregivers, and other manpower, and increasing the number of Bangladeshi students in the UK universities.

British High Commissioner Robert Chatterton Dickson said that British multinational companies are doing business in Bangladesh in various sectors. However, Bangladesh needs to take initiatives so that more new British companies become interested in investing in Bangladesh.

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