Thursday | 12 December 2024 | Reg No- 06
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Thursday | 12 December 2024 | Epaper

Bangladesh, UK agree to promote bilateral trade, investment

Published : Thursday, 14 September, 2023 at 12:00 AM  Count : 480
Diplomatic Correspondent
Bangladesh and the United Kingdom have agreed to create new institutional cooperation to promote bilateral business, trade and investments.

 In line with the idea, Bangladesh and the UK are considering signing a new memorandum of understanding (MoU) on economic cooperation and accordingly the issues were discussed at the 5th Bangladesh-UK Strategic Dialogue held in Dhaka on Tuesday.

As the bilateral trade was $6.4 billion in 2022-23 and foreign direct investment to Bangladesh from the was UK $561 million in 2022, , the highest from any country both the sides reviewed the entire gamut of historic relations between the two Commonwealth nations, including political, economic, security and defence, migration and mobility, climate and development partnerships in the dialogue," a Foreign Ministry release said.

Foreign Secretary Masud Bin Momen and UK FCDO Permanent Under-Secretary Sir Philip Barton led their respective sides.

Meanwhile, both sides agreed to constitute a 'Joint Working Group' to discuss migration, mobility and mutual recognition of qualifications. They also agreed to sign an SoP (standard operating procedure) on returns of Bangladeshi nationals in irregular situation in the UK.

During the meeting, Under-Secretary Sir Barton commended the remarkable socio-economic progress and resilient economic growth achieved by Bangladesh over the past decade.

 The Bangladesh Foreign Secretary commended the UK's sustained market-access support to Bangladesh as its 3rd largest export destination and urged for its extension until 2029 and beyond following Bangladesh's scheduled LDC graduation in 2026.

 Both sides also agreed to explore signing of an MoU on cooperation in cybersecurity.

 They acknowledged their long-standing value-based ties since 1971 and recalled the historic visit of Father of the Nation Bangabandhu Sheikh Mujibur Rahman to London on January 8, 1972, immediately after his release from prison in Pakistan.
 
 Under-Secretary Sir Barton expressed his deep appreciation for Prime Minister Sheikh Hasina's participation in the State Funeral of UK's late monarch Queen Elizabeth II and the historic royal coronation of Their Majesties King Charles III and Queen Camilla.

 Bangladesh and the UK agreed on enhancing migration and mobility cooperation especially in gainful employment in the nursing, hospitality, agricultural, construction and masonry and other services sectors in the UK.

Bangladesh thanked the UK Government for a significant increase in issuance of student, visit and business visas in 2022. The two sides also discussed mutual legal assistance in criminal matters.

Recalling the Climate Accord signed between Bangladesh and the UK in March this year, both sides expressed their determination to cooperate in climate action bilaterally and multilaterally.

They also agreed to sign a Joint Action Plan with time-bound activities under the Climate Accord towards a net-zero and nature-positive world.

The Bangladesh side expressed commitment to forge ahead with its national targets under SDG 16 for building a just, peaceful and inclusive society.

The Bangladesh Foreign Secretary reiterated Bangladesh's 'zero tolerance' policy against terrorism, violent extremism and radicalization.

Both sides agreed to intensify cooperation and capacity building on global and regional security issues of mutual interest including maritime and aviation safety and security in the Indian Ocean as well as countering extremist and terrorist outfits.



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