Staff Reporter :
Bangladesh and Singapore have reaffirmed their commitment to concluding a Free Trade Agreement (FTA) by 2026, aiming to bolster bilateral economic relations and expand cooperation across multiple sectors. The pledge was made during the Fourth Foreign Office Consultations (FOC), held on Monday in Singapore.
The talks were led by Bangladesh’s Foreign Secretary, Ambassador Md. Jashim Uddin, and Singapore’s Permanent Secretary of the Ministry of Foreign Affairs, Luke Goh. A central focus of the discussions was on enhancing trade and economic collaboration, with the FTA identified as a strategic priority.
The proposed agreement is expected to facilitate increased trade flows, eliminate tariff and non-tariff barriers, and stimulate investment in emerging sectors.
Both parties expressed optimism that the FTA, once in place, would diversify trade and investment opportunities, particularly in sectors where Bangladesh enjoys competitive advantages, including ready-made garments, pharmaceuticals, leather goods, ceramics, jute products, and footwear. Ambassador Jashim Uddin highlighted Bangladesh’s strengths as a reliable supplier of high-quality, competitively priced goods and urged Singapore to encourage greater engagement from its business community in these areas to help achieve a more balanced trade relationship.
Recognising Singapore’s status as one of the top foreign investors in Bangladesh, the Foreign Secretary invited increased Singaporean investment, especially in energy and the country’s Economic Zones. Prospects for collaboration in agricultural technology, agri-logistics, contract farming, and tourism infrastructure were also explored.
The consultations acknowledged the significant contributions of Bangladeshi nationals working in Singapore and underlined the importance of future cooperation in human resource development, including skills training and capacity building. Ambassador Jashim also sought Singapore’s support in developing a Waste-to-Energy Plant to strengthen Bangladesh’s sustainable energy capabilities.
Bangladesh expressed gratitude for Singapore’s support in its bid to become a Sectoral Dialogue Partner of ASEAN and reiterated its interest in joining the ASEAN Free Trade Area (AFTA) and the Regional Comprehensive Economic Partnership (RCEP). The dialogue also encompassed regional issues such as climate change, migration, and broader developments in South and Southeast Asia.
At the conclusion of the FOC, Ambassador Jashim Uddin expressed appreciation for the hospitality extended to the Bangladeshi delegation and invited his Singaporean counterpart to Dhaka for the next round of consultations.
The momentum continued with a high-level meeting on Tuesday between Ambassador Jashim Uddin and Singapore’s Minister for Foreign Affairs, Dr Vivian Balakrishnan. The meeting focused on expanding cooperation in trade, investment, healthcare, and regional diplomacy, building on the outcomes of the FOC.
