Dhaka, Ottawa eye deeper trade, investment links
Diplomatic Correspondent :
Bangladesh and Canada have reaffirmed their shared commitment to strengthening bilateral relations, with a particular emphasis on boosting cooperation in trade, investment, and development.
The pledge came during a high-level meeting on Sunday between Canada’s Assistant Deputy Minister for the Indo-Pacific Branch, Weldon Epp, and Bangladesh’s Foreign Secretary, Asad Alam Siam, held at the Ministry of Foreign Affairs in Dhaka.
Both sides expressed optimism about expanding economic ties through strategic agreements and joint initiatives. Weldon Epp described Bangladesh as a “long-standing and reliable partner” and noted Canada’s growing interest in Bangladesh’s dynamic economy.
In the meeting, the Foreign Secretary highlighted key sectors for future collaboration, including infrastructure, green energy, and technology.
A key topic of discussion was the ongoing technical talks on a proposed Foreign Investment Protection and Promotion Agreement (FIPA), which both sides agreed would boost investor confidence and create new opportunities for private sector cooperation.
The two parties also welcomed the possibility of launching discussions towards a Free Trade Agreement (FTA) to facilitate smoother trade flows and enhance market access.
Development cooperation featured prominently in the talks. Both sides explored opportunities to expand people-to-people ties, strengthen education and skills exchanges, and align development programmes with shared objectives.
Mr Epp acknowledged the positive contributions of the Bangladeshi diaspora in Canada, describing the community as a “vibrant bridge” between the two nations.
In turn, the Foreign Secretary stressed the need to streamline student visa procedures to further educational mobility and deepen academic partnerships.
The meeting concluded with a mutual commitment to a forward-looking, comprehensive partnership grounded in trust, shared prosperity, and Indo-Pacific cooperation.
Canada and Bangladesh enjoy a longstanding relationship rooted in development cooperation, trade, and strong diplomatic engagement. Since recognising Bangladesh’s independence, Canada has provided over $6.2 billion in development assistance.
Diplomatic relations between the two nations were established in 1972 and have grown steadily over the decades.
Bilateral trade has expanded from $600 million in 2004 to more than $3.5 billion in 2023. In that year, Canadian exports to Bangladesh were valued at $1.31 billion-primarily potash, cereals, and pulses – while imports from Bangladesh, led overwhelmingly by ready-made garments, stood at $2.23 billion.
Canada has supplied over one million tonnes of potash to Bangladesh since 1972, with a government-to-government agreement in place since 2014 to ensure the continued supply of high-quality fertiliser through the Canadian Commercial Corporation.
Since 2003, Bangladesh has benefited from duty-free access to the Canadian market for most goods, enhancing its export potential. Meanwhile, Canadian companies across sectors such as apparel, aerospace, defence, and security have been increasingly active in the Bangladeshi market.
Canada is also emerging as a leading destination for Bangladeshi students, with over 15,800 pursuing higher education in Canada in 2023 – a 150 per cent increase since 2018.
The Bangladeshi-Canadian community, now numbering over 100,000, plays a vital role in strengthening bilateral ties and enriching Canada’s multicultural landscape.
Both countries are active members of the United Nations and the Commonwealth, and share a commitment to democratic values. Canada has continued to support initiatives aimed at strengthening democratic institutions and promoting gender inclusion in Bangladesh’s development, security, and justice sectors.
Weldon Epp, who assumed his current post in January 2023, brings decades of diplomatic experience, having served in various leadership roles across Asia, including postings in Beijing, Taipei, Jakarta, Guangzhou, and Shanghai.