UK – Bangladesh agree to boost trade ties

Desk report:  The second Bangladesh – UK Trade and Investment Dialogue was held in Dhaka, Bangladesh on 19
February 2023.
The Government of Bangladesh was represented by the Commerce Secretary, Mr Tapan Kanti
Ghosh. The British High Commissioner, Mr Robert Chatterton Dickson, and His Majesty’s Trade
Commissioner for South Asia, Mr Alan Gemmell OBE, led the UK delegation. Both countries agreed
to convene the Dialogue annually and its Joint Working Group (JWG) regularly.
The JWG would cover a broad range of trade and investment issues, including mutual barriers to
market access and trade, with an agenda agreed between the UK and Bangladesh in advance. Both
countries underscored the importance of the Dialogue and JWG as a step towards achieving an
enhanced and stronger relationship.
The UK and Bangladesh agreed to enhance the bilateral trading partnership to increase mutual
prosperity ahead of and after Bangladesh’s graduation from Least Developed Country (LDC) status.
The UK recognised Bangladesh’s economic growth and resilience, despite the widespread impact of
the global pandemic and ongoing global economic crisis.

Bangladesh welcomed the UK’s generous Developing Countries Trading Scheme (DCTS) and
acknowledged its role in integrating Bangladesh into the global economy, creating stronger trade and
investment opportunities. The UK reflected commitments under DCTS to international conventions
on labour standards and human rights, anti-corruption, climate change and the environment.
The UK and Bangladesh discussed cooperation in areas such as LDC graduation, investment
cooperation, pharmaceuticals, ease of doing business, financial sector development, higher
education provision, taxation issues and intellectual property protection.
The UK encouraged Bangladesh to explore investment opportunities for the UK services sector
including financial and professional services. Bangladesh reiterated the importance of the Ready-
Made Garments sector to both the UK and Bangladesh. The UK outlined the private sector led
aerospace offer to Bangladesh. Both countries recognised the importance of high-quality education
and agreed to further deepen and widen the scope of collaboration in the area of higher education for
mutual benefit.
The UK stressed the importance of Bangladesh putting in place economic policies and systems to
achieve its ambition of rapid, sustainable and green economic development; and pledged its ongoing
cooperation.
The UK emphasised the importance of maintaining a level-playing field for foreign companies
interested in investing and operating in Bangladesh. The UK invited Bangladesh to engage with the
UK private sector to pursue a commercial dispute resolution system to unlock the full potential of
Foreign Direct Investment into Bangladesh.
His Majesty’s Trade Commissioner for South Asia said, “The UK and Bangladesh relationship is
underpinned by the potential of our trade and investment relationship that will help both of our
economies to grow. Foreign Direct Investment builds the foundation to provide jobs, transfer skills,
generate revenue, create competition and drive standards higher. A conducive business climate and
removal of market access barriers will benefit both countries and underline the great opportunities for
UK businesses.”
The Commerce Secretary concluding the Dialogue said, “The historic relationship between the UK
and Bangladesh is based on mutual interest and common values. Bangladesh is very keen to take
this relationship to a new height through enhanced trade and economic cooperation. I believe today’s
Dialogue contributes to increasing trade and investment in both countries.”