Bangladesh, Australia sign TIFA deal
Bangladesh is an important place for investment, said Commerce Minister Tipu Munshi at the signing ceremony of the much awaited Trade and Investment Framework Arrangement (TIFA) with Australia in Dhaka on Wednesday.
He hoped Australia would increase investment in Bangladesh and boost bilateral trades.
He said the country is developing one hundred special economic zones at important locations and these provide ample scope for trade and investment.
The Minister made the observation while addressing the signing ceremony of Trade and Investment Framework Arrangement (TIFA) between Bangladesh and Australia at the conference room of the Ministry of Commerce in Dhaka on Wednesday.
The Australian Minister for Trade, Tourism and Investment, Dan Tihan and Bangladesh Commerce Secretary Tapam Kanti Ghosh signed the agreement.
Jeremy Brewer, High Commissioner of Australia to Dhaka, also spoke on the occasion and Mohammad Shafiur Rahman, High Commissioner of Bangladesh to Australia took part on virtual basis.
Additional Secretary Hafizur Rahman, Deputy High Commissioner of Australia Nardia Simpson and other senior officials of the Ministry of Commerce were present.
He said the government has announced a package of special facilities to attract domestic and foreign investment. It has been made easier to provide systematic services for investment. Bangladesh is a big market for about 160 million people. Australian investors will benefit if they invest here.
The Commerce Minister said Bangladesh's trade and economic relations with Australia is a long time engagement. He further said Bangladesh is celebrating Sheikh Mujib's birth centenary. Australia is the first country in the West and the fourth in the world to recognize independent Bangladesh.
Bangladesh is grateful. Bangladesh has is facing Covid-19 challenges as well as economic challenges. The country is tackling the pandemic under the able leadership of Prime Minister Sheikh Hasina and requested Australia as a vaccine producing country to provide Covid vaccine as a grant to Bangladesh on humanitarian grounds.
Tipu Munshi said Australia has been providing duty free and quota free market access to Bangladesh since 2003, for which Bangladesh is enormously benefiting. Tipu said Bangladesh hoped Australia will continue to provide trade facilities to Bangladesh even after LDC graduation in 2026.
It will also support the LDC Group's proposal in the WTO. Australia is a major export market for readymade garments in Bangladesh, he said.