Dhaka: Chief Adviser Prof Muhammad Yunus has urged for the commencement of Free Trade Agreement (FTA) negotiations with the European Union at the earliest, highlighting the importance of maintaining Bangladesh’s trade advantages in its primary export market once the current duty-free access ends in the near future. The appeal was made during a meeting with Nuria Lopez, Chairperson of the European Chamber of Commerce in Bangladesh, at the State Guest House Jamuna in Dhaka.
According to United News of Bangladesh, the meeting also included European Union Ambassador to Bangladesh Michael Miller. Discussions centered around increasing European investment in Bangladesh, ensuring smooth trade relations with the EU, and implementing reforms to enhance the business environment in Bangladesh. The discussions also touched upon the upcoming elections and the deployment of international observers to oversee the polls.
Prof Yunus highlighted that Bangladesh recently concluded an Economic Partnership Agreement with Japan, securing duty-free access for over 7,300 Bangladeshi products. He emphasized Bangladesh’s intent to pursue similar negotiations with other countries, including the EU, to sustain duty-free access for its exports, especially ready-made garments, to the European market.
Nuria Lopez stressed the urgency for Bangladesh to initiate FTA negotiations, as the nation risks losing its current trade benefits in the EU after graduating from Least Developed Country status. She noted the potential of an FTA to attract European investment, create jobs, and increase exports to advanced Western markets, comparing Bangladesh’s situation to India and Vietnam, both of which have FTAs with the EU.
EU Ambassador Michael Miller acknowledged that the commercial relationship with Bangladesh is expected to evolve post-graduation but not before 2029. He expressed the EU’s interest in bringing investment and technology to Bangladesh, a significant market, and mentioned plans to organize an EU/Bangladesh Business Forum in 2026.
Prof Yunus also highlighted opportunities for European firms to relocate factories to Bangladesh, taking advantage of its skilled labor force and competitive costs. He expressed satisfaction with the EU’s decision to deploy a large team of election observers for the upcoming elections, viewing it as a sign of confidence in Bangladesh’s democratic process.
Lamiya Morshed, SDGs Affairs Principal Coordinator and Senior Secretary of the government, was also in attendance at the meeting.