EU urges faster reforms as Bangladesh eyes FTA talks

Bangladesh should accelerate reforms, including the removal of non-tariff barriers and improvements to the business environment, to pave the way for advancing talks on a free trade agreement (FTA) with the European Union, the economic bloc’s Ambassador Michael Miller said yesterday.

Bangladesh-EU relations stand at a crucial juncture as the country prepares to graduate from the least developed country (LDC) category, he also said after a meeting with Commerce Minister Khandakar Abdul Muktadir at the Planning Commission in Agargaon, Dhaka.

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He said the EU was ready to begin exploratory discussions on an FTA and had already shared a proposal with Bangladesh.

The ambassador stressed the need for timely and concrete measures to remove non-tariff barriers, improve the investment climate and ensure the smooth continuation of trade benefits after Bangladesh’s LDC graduation.

“If the necessary reforms and preparations are completed on time, positive progress can be made in advancing negotiations on a Bangladesh-EU Free Trade Agreement,” he said.

During the meeting, the two sides discussed bilateral trade relations, investment opportunities, existing non-tariff barriers, Bangladesh’s LDC graduation and prospects for an FTA.

Minister Muktadir said the government was working sincerely to address the concerns raised by the EU and had already made progress in several areas.

The government is implementing its commitments while creating an environment that would attract greater foreign investment, reduce trade barriers and strengthen the confidence of international partners in Bangladesh’s economy, he said.

The minister also said the government was giving due importance to all concerns and expectations of the EU and was addressing them one by one to demonstrate Bangladesh’s commitment to fulfilling its international obligations.

Muktadir also expressed hope that Bangladesh would establish a more conducive environment for foreign investment, resolve the country’s energy crisis, remove trade barriers and improve the management of state-owned industrial enterprises through efficient private-sector participation.

He said these reforms would help build a stronger foundation for the country’s economy.

Economic Relations Division Secretary Md Shahriar Kader Siddiky, Commerce Secretary Md Ataur Rahman Khan, Additional Secretary Ayesha Akter and other senior officials of the commerce ministry also attended the meeting.