Bangladesh, Australia agree to form joint working trade group

Bangladesh and Australia have agreed to form a “Joint Working Group” to examine prospects and challenges of intensifying economic interactions at the prioritised sectors at a shortest possible time.

The decision was taken at a bilateral meeting held between Commerce Minister Tipu Munshi and the Assistant Minister for Trade and Investment and Minister for Regional Services, Decentralization and Local Government of Australia, Mark Coulton in Sydney on Wednesday, said a press release.

Praising the recent development of Bangladesh in social and economic sectors, the Australian minister said that Australia’s focus on Bangladeshi investment sectors is increasing day by day.

He put emphasis on having an institutional framework of cooperation and underscored the need for regular interactions among policy makers and stakeholders.

Replying to the quests of the Australian minister, Tipu said that, “Bangladesh is ready for a greater cooperation in the field of power, energy, agriculture, education, pharmaceuticals and other respective fields”, the release also said.

The commerce minister invited the Australian investors to the special economic zones and assured them to allocate an exclusively special economic zone if needed. 

During the meeting, it was stated that the “Joint Working Group” will be convened to discuss and identify the priority sectors for cooperation between the two countries, BSS reports.

Also, the Group will recommend next courses of action in the identified sectors, including the possibility of an institutionalised trade framework.

Bangladesh high commissioner to Australia Mohammad Sufiur Rahman and additional secretary of the Ministry of Commerce Tapan K Ghose were present at the discussion as the members of Bangladesh delegation.

Senior officials from the department of foreign affairs and trade and relevant department of Australia were also present.