Dhaka Chamber pushes for quicker trade deals

Bangladesh should fast-track the signing of free trade agreements (FTAs) and preferential trade agreements (PTAs) with key trading partners to preserve its export competitiveness, the Dhaka Chamber of Commerce and Industry (DCCI) said on Tuesday.

The chamber also called for stronger economic diplomacy and greater market diversification to help businesses navigate the post-LDC landscape.

The call came during a courtesy meeting with State Minister for Foreign Affairs Shama Obaed Islam at the Ministry of Foreign Affairs in Dhaka.

During the meeting, Taskeen said the Foreign Ministry should play a more proactive role in facilitating trade agreements with countries that offer significant export and investment opportunities, according to a DCCI press release.

He stressed that Bangladesh must diversify both its export products and export destinations to effectively address post-LDC challenges, noting that Africa, South America and Southeast Asia present strong prospects for expanding trade and investment.

The DCCI president also highlighted the need to strengthen Bangladesh’s economic diplomacy and suggested simplifying direct payment mechanisms to facilitate bilateral trade and investment with African countries, particularly in contract farming, information technology and agriculture.

State Minister for Foreign Affairs Shama Obaed Islam reaffirmed the government’s commitment to signing trade agreements with high-potential countries to expand Bangladesh’s bilateral trade and investment.

“The government is actively working to conclude trade agreements that will help strengthen economic ties with African countries and other promising markets,” she said.

In her speech at the meeting, Shama Obaed emphasized that close collaboration between the government and the private sector would be crucial to achieving sustainable trade and investment growth.

Highlighting Africa’s growing importance as an export destination, she said Bangladeshi products, including jute and jute goods, leather and leather products, pharmaceuticals, fruits and ceramics, have significant market potential across the continent.

She also encouraged local entrepreneurs to explore these opportunities more actively.

Shama underscored the need to enhance the capacity of the private sector to effectively address the challenges arising from Bangladesh’s post-LDC graduation, while promoting export diversification and expanding into new international markets.

DCCI Senior Vice President Razeev H. Chowdhury, Vice President Md. Salem Sulaiman, Acting Secretary General Dr. A.K.M. Asaduzzaman Patwary and Director General (International Trade, Investment and Technology Wing) of the Ministry of Foreign Affairs Dr. Syed Muntasir Mamun were also present at the meeting.