Dhaka: Commerce Minister Khandakar Abdul Muktadir announced on Sunday that Bangladesh has successfully addressed 48 out of 61 non-tariff trade barriers identified by the European Union (EU), marking a milestone in enhancing bilateral trade relations and setting the stage for formal Free Trade Agreement (FTA) discussions.
According to United News of Bangladesh, the remaining issues are in the process of being resolved, as stated by Minister Muktadir during a joint press briefing at his ministry. The minister also revealed that preparatory talks on both an FTA and an Investment Protection Agreement with the EU, Bangladesh's largest export market, are planned to commence soon. The briefing was attended by notable figures including EU Ambassador and Head of Delegation to Bangladesh Michael Miller, Prime Minister's Adviser on Finance and Planning Dr. Rashed Al Mahmud Titumir, State Minister for Foreign Affairs Shama Obaed Islam, and State Minister for Planning Zonayed Abdur Rahim Saki.
Muktadir highlighted that an EU delegation led by Ambassador Miller had earlier raised specific barriers impacting trade with Bangladesh during a March meeting. Subsequently, coordinated efforts by the National Board of Revenue and various ministries such as agriculture, fisheries, livestock, and shipping led to the swift resolution of most issues. Key resolutions included addressing complications over renewing licenses for fully foreign-owned logistics companies, doubling the annual limit for importing commercial samples to $20,000, and eliminating customs valuation complications involving smart cards for export product traceability.
On Bangladesh's request to delay its graduation from the least developed country (LDC) category by three years, Muktadir noted that recommendations from the UN Committee for Development Policy (CDP) and the Economic and Social Council (ECOSOC) were favorable. A final decision will be sought at the 81st session of the UN General Assembly, with strong EU support being crucial for Bangladesh's case.
EU Ambassador Miller reported a positive response from the European Commission following Bangladesh's formal proposal for an FTA and Investment Protection Agreement. He indicated that joint technical discussions could start as early as this week, pending necessary EU member state approvals. Miller emphasized the importance of a transparent, stable, and competitive business environment for deepening economic ties between the EU and Bangladesh. He also expressed optimism about advancing discussions on the proposed purchase of Airbus aircraft to enhance air connectivity and trade relations between the two regions.
Addressing a query on imports from the United States, Minister Muktadir affirmed that Bangladesh prioritizes national interests, economic logic, and public needs in its import decisions. He explained that government procurement committees evaluate factors like competitive pricing, product quality, and wastage rates before approving imports of commodities such as LNG and food grains. Bangladesh's trade policy, Muktadir stressed, is not influenced by any single country but is rooted in the nation's economic interests and public welfare.