Yaound©: Bangladesh and the European Union (EU) have expressed optimism about further strengthening trade and investment cooperation in a bilateral meeting held on the sidelines of the 14th WTO Ministerial Conference (MC14). During the meeting that took place on March 29 in Yaound©, Cameroon, Commerce Minister Khandaker Abdul Muqtadir reiterated Bangladesh’s strong commitment to enhancing economic partnership with the EU, said a Commerce Ministry press release on Monday.
According to United News of Bangladesh, the Commerce Minister led the Bangladesh delegation, which included Commerce Secretary Mahbubur Rahman and other senior officials of the ministry. EU Commissioner Maroš Šefcovic led the European side, accompanied by Director-General for Trade Sabine Weyand and other senior officials.
The minister highlighted Bangladesh’s forward-looking measures to integrate more deeply into global value chains and improve the business climate, aiming to accelerate sustainable trade-led growth. He requested the EU to extend the transition period by three years following Bangladesh’s upcoming graduation from the Least Developed Country (LDC) category to help maintain export competitiveness and mitigate potential economic risks.
Furthermore, he urged the EU to initiate discussions on a Free Trade Agreement (FTA) at an early stage, noting that the bloc remains Bangladesh’s largest export destination, particularly for readymade garments. He also discussed Bangladesh’s broader trade strategy, mentioning the country’s concluded Economic Partnership Agreement (EPA) with Japan and ongoing negotiations on FTAs and CEPAs with countries including South Korea, Singapore, and the United Arab Emirates.
The minister noted significant progress in labour sector reforms in line with International Labour Organization (ILO) guidelines, with the amended labour law set to be enacted soon. The EU side assured that Bangladesh’s request for extending the LDC transition period would be considered positively and appreciated the ongoing labour reforms, as per the release.
Regarding the proposed FTA, EU officials stated that the matter would be assessed following the completion of necessary internal processes. Both sides emphasised the importance of ensuring a level playing field, transparency, and fairness in trade and investment.
The EU underscored the need for balanced engagement, while Bangladesh reaffirmed its commitment to ensuring non-discriminatory and equitable treatment for all partners. Both parties agreed to maintain close engagement and continue discussions on trade, investment, and reform initiatives in the future.