Bangladesh proposes signing FTA with New Zealand

Bangladesh has proposed New Zealand for signing a free trade agreement (FTA) to boost bilateral trade and investment.

Commerce Secretary Md Ataur Rahman Khan made the proposal at a meeting with representatives of New Zealand’s Ministry for Primary Industries at Wellington in New Zealand on August 12.

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The secretary is now leading a delegation on a tour to Australia and New Zealand to find out opportunities to increase bilateral trade.

The secretary also sought New Zealand’s support for its possible accession to the Regional Comprehensive Economic Partnership (RCEP) and emphasised the importance of extending the transition period by an additional three years to facilitate a smoother graduation of Bangladesh from the least developed country category.

Proposals were also made to establish a business forum between the two countries, form a technical working group among relevant agencies, designate dedicated focal points for communication, and facilitate regular information exchange, the commerce ministry said in a statement.

The Bangladesh delegation expressed hope that this cooperation would further strengthen bilateral relations in agriculture, food processing, and trade, while creating new opportunities for mutual economic development.

At the meeting, Bangladesh also requested New Zealand for strengthening cooperation in agriculture, food security, technology exchange, and trade expansion.

The meeting focused on increasing bilateral trade in agricultural and food products, as well as exploring various areas of future cooperation.

Bangladesh praised New Zealand’s advanced biosecurity system, its measures to ensure food safety, and its export management of agricultural products in international markets.

At the same time, Bangladesh highlighted its food-security needs, agricultural development, and growing consumer market, emphasising the importance of closer cooperation between the two countries.

The discussions covered opportunities for joint investment in agricultural technology, the dairy industry, cold-chain management, and agro-based processing industries.

Bangladesh invited New Zealand’s agricultural and food-technology companies to invest in the country, taking advantage of Bangladesh’s large consumer market and special economic zones.

The meeting also discussed facilitating market access for agricultural products, fresh fruits, processed foods, and other products from Bangladesh to the New Zealand market.