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European Union moves to boost business with Bangladesh

| Updated: February 24, 2022 19:08:08


European Union moves to boost business with Bangladesh

The European Union moves to launch a new initiative with Bangladesh to synchronise the latter's public-and private-sector interests for tapping growing business potential unhindered.

Officials say the engagement in extensive business dealings is planned under the rubric 'EU-Bangladesh: Meaning Business'.

The launch of the flagship is to facilitate holding regular gatherings to showcase commercial sectors where closer collaboration could be mutually beneficial, the EU says in a communication.

They say the EU delegation in Bangladesh submitted a proposal to this effect to Commerce Minister Tipu Munshi recently, requesting the holding of next session of the Business Climate Dialogue (BCD) in March in Dhaka.

Meanwhile, the last plenary of the dialogue was held in December 2019 which was the sixth event of the initiative undertaken back in 2016 between Bangladesh government and the EU and EU Member-State Missions in Dhaka.

Commerce Minister chairs the meeting where various bilateral trade issues, investment promotion, removal of barriers, and improvement in business climate are discussed to clear the decks for smooth business interactions.

"As EU, we are keen to boost bilateral trade and investment ties, not least as the present level of investment in Bangladesh leaves much scope for improvement, bearing in mind the sustained dynamism of the Bangladesh economy and the interest of European investors," EU Ambassador in Dhaka Charles Whiteley wrote in the letter.

The envoy wrote that the dialogue would allow the EU to actively engage with senior government officials and express views and ideas, towards a closer EU-Bangladesh partnership in trade and investment.

The various working groups established in the context of the climate dialogue have identified various ways in which commercial relations can be further energised, he says.

"One option we could explore is to use the BCD plenary to announce expected progress on three or more "deliverables" that can realistically be achieved in the near future," he adds.

At the last session of the dialogue the EU had expressed its willingness to work constructively with Bangladesh to create conducive business environment.

The EU discussed the need for improvement in customs procedures for creation of favourable investment climate, taking urgent action to facilitate more EU imports to be shipped to Bangladesh, removal of various tariff and para-tariff 'barriers', and effective enforcement of trade-and investment-linked laws.

Also, the EU sought removal of investment cap in services sector, full and proper implementation of bilateral double taxation-avoidance agreements, and the upgrading of the delivery of services at sea and airports.

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