BD secures New Zealand trade preference assurance post-LDC

Bangladesh will retain duty-free and preferential trade access to the New Zealand market beyond its LDC graduation, New Zealand’s non-resident High Commissioner David Pine, has said.

He conveyed the assurance during a meeting with Commerce Minister Khandakar Abdul Muktadir at the ministry’s office in Dhaka.

During the discussion, both sides expressed interest in exploring a potential trade arrangement, including a free trade agreement (FTA), to strengthen bilateral trade and investment ties, according to a commerce ministry statement.

The commerce minister highlighted that stronger investment growth and job creation are essential for ensuring a smooth and sustainable transition from LDC status.

He stressed the need to preserve the competitiveness of Bangladesh’s garment exports and secure continued preferential access for key apparel products.

Muktadir also urged New Zealand to encourage its investors to consider Bangladesh as an investment destination, citing various government initiatives aimed at improving the ease of doing business.

According to Export Promotion Bureau data, Bangladesh exported goods worth $99.73 million to New Zealand in FY2024-25, with garments accounting for nearly 90 percent of shipments.

Exports stood at $78.93 million during the July-April period of the current fiscal year.

Pine said the evolving global trade environment makes diversification of both export markets and import sources increasingly important, creating opportunities for mutual gains in bilateral commerce.

He added that New Zealand places high importance on ensuring Bangladesh’s preferential and duty-free access remains uninterrupted after LDC graduation.

He also noted New Zealand’s interest in building a stable, long-term trade partnership and highlighted the country’s reputation for high-quality, safe and non-GMO products.

Bangladesh is scheduled to graduate from the LDC group on 24 November, unless the process is delayed.

The country has sought a three-year deferment until 2029 to allow additional preparation.

Several countries, including the UK, Canada and Australia, have already assured Bangladesh of continued preferential access after graduation.

Meanwhile, Dhaka is pursuing trade agreements with key partners to retain duty-free benefits in the post-LDC era, as the country risks losing an estimated $17.5 billion in annual exports linked to existing LDC trade advantages.