The government of Bangladesh is considering extending its deadline for leaving the Least Developed Country (LDC) category as it proceeds with its discussions for a Free Trade Agreement (FTA) with Singapore. The objective is to guarantee a seamless transition, especially for crucial industries like Ready-Made Garments (RMG), which make a substantial contribution to the national economy.
These statements were made following the commencement of the negotiations for the Bangladesh-Singapore Free Trade Agreement by Trade Advisor Dr. Salehuddin Ahmed.
At a press briefing after the FTA discussions began, Trade Advisor Dr. Salehuddin Ahmed emphasised the significance of thoroughly assessing the ramifications of LDC graduation. “We won’t make a decision right away since businessmen have voiced reservations about the transition. Focussing on what is best for Bangladesh and its people is our top goal,” he said.
The RMG industry, which contributes significantly to Bangladesh’s export earnings, is especially susceptible to any shifts in the dynamics of trade that may result from the graduation. It is crucial to make sure that local exporters’ and manufacturers’ interests are protected throughout this shift.
Additionally, Dr. Salehuddin stated that the government plans to sign free trade agreements (FTAs) with a number of nations, including as Japan, Indonesia, and India, in order to diversify its trading partnerships. He underlined Singapore’s significance as a strategic partner for Bangladesh, not just for products but also as a possible centre for investment and services.
Derek Loh, Singapore’s High Commissioner to Bangladesh, emphasised the importance of the Chittagong port in boosting bilateral trade. “For us, Chittagong is crucial because of its location. In order to improve trade and commerce with Bangladesh, Singapore’s shipping business, PSA, is investing in the Bay Terminal and turning it into a sizable international port,” said Loh.
Other officials that attended the event included Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of the Bangladesh Investment Development Authority, and Lutfe Siddiqui, Special Envoy for International Affairs of the Chief Advisor to the Interim Government.
