‘Duty Free Quota Free’ access for Bangladesh in the post-LDC era would continue, Australian Assistant Trade Minister Senator Tim Ayres pledged today.
“Graduation from LDC status would not make any changes to existing Duty Free Quota Free access of Bangladesh’s products to Australian market” he said in a meeting with Bangladesh High Commissioner to Australia M Allama Siddiki at the Commonwealth Parliamentary Office in Sydney, said a press release here.
Faruque Hassan, BGMEA President was present during the meeting.
Siddiki gave the Minister a briefing on the remarkable socioeconomic development of Bangladesh over the previous ten years, which was supported by the success of the clothing and agricultural industries, remittances, macroeconomic stability, and political stability.
He acknowledged Australia’s rising interest in Bangladesh and emphasized prospects for greater bilateral trade and investment in commodities like cotton, wool, LNG, and minerals as well as services like Fintech, ITES, and education and skill development.
He extended an invitation to a business delegation headed by Minister Ayres to visit Bangladesh in order to look into potential opportunities for trade and investment.
Faruque Hassan emphasized the changes Bangladesh’s apparel industry has undergone in terms of sustainability, energy efficiency, and worker well-being.
He discussed the changes that the RMG industry has seen through time as well as the BGMEA’s goal of achieving ESG by 2030 by building more green factories and promoting gender equality, inclusion, and a decent workplace.
Ayres alluded to Bangladesh as an important partner of Australia and indicated a desire to increase economic cooperation between the two countries.
He recognized the strides achieved in Bangladesh’s apparel industry and the solid business ties between Australian retailers and Bangladeshi manufacturers, which are helping to diversify Australia’s industry and product offerings.
He continued by saying that for Australian enterprises and the government to work with overseas partners, labor rights, trade unions, and sustainability are crucial considerations.
In order to promote trade growth, he expressed interest in further connecting Bangladeshi colleagues with the Australian wool and cotton industries.
He indicated a desire to look into methods to advance the Trade and Investment Framework Agreement between Bangladesh and Australia that was signed in 2021 to a new level.
On July 18, 2023, in Melbourne, a delegation of 11 people led by the president of the BGMEA is holding the Bangladesh Apparel Summit with assistance from the High Commission.
In addition, the High Commission held a session for BGMEA delegates today to emphasize the strength of the Bangladeshi apparel industry in pertinent Sydney businesses in collaboration with the Consulate General.
The interactive event was attended by 35 people, including Australian buyers, brands, and business representatives.
