Staff Reporter :
UK Member of Parliament Rupa Huq has called for a Free Trade Agreement (FTA) between the UK and Bangladesh to strengthen bilateral trade.
“An FTA with Bangladesh in any form is essential to enhance bilateral trade,” she stated.
Speaking at a meeting at Hotel Sarina in Banani on Tuesday, Rupa Huq, a member of the visiting UK Bangladesh Catalysts of Commerce and Industry (UKBCCI) delegation, stressed the need to diversify trade beyond the garment sector.
“Relying solely on garment exports is insufficient. There is significant potential for collaboration in various technologies, particularly in artificial intelligence,” she remarked.
She also addressed global economic challenges, noting the impact of the Ukraine-Russia war on inflation and commodity prices in the UK.
“With wheat imported from Ukraine, people are now facing higher prices for oil, gas, and essential commodities, including bread,” she explained.
Former commerce minister and BNP standing committee member Amir Khosru Mahmud Chowdhury, the event’s chief guest, urged stakeholders to explore new economic opportunities.
“It is time to move beyond prolonged political discussions and focus on fresh possibilities. Foreign investors must not feel discriminated against,” he said.
He advocated for equitable opportunities across industries, pointing out that the economy must be more inclusive and liberal in its approach to trade.
“We should question why the garment sector alone has received major benefits while 20 other potential sectors remain overlooked,” he noted.
Amir Khosru also highlighted the importance of skill development to capitalise on Bangladesh’s demographic dividend, promising to prioritise trade diplomacy if his party assumes power.
“Our diplomacy will centre around trade, with every mission required to report on progress in trade initiatives and expatriate engagement,” he added.
BGMEA Administrator Md Anwar Hossain emphasised the vast investment opportunities in Bangladesh’s textile sector.
“Bangladesh imports $11 billion worth of textile products annually, yet there is immense potential for investment in this area,” he pointed out.
He also advocated for a Bangladesh-UK FTA to boost exports, citing Vietnam as a successful example.
BKMEA President Mohammad Hatem criticised the unfair practices of foreign buyers and proposed delaying Bangladesh’s LDC graduation.
“LDC graduation should be deferred by three years as businesses are currently facing numerous challenges,” he argued.
The event, organised by the Bangladesh Textile Mills Association (BTMA) in collaboration with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), and the Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), highlighted the potential to strengthen UK-Bangladesh trade ties through diversification, investment, and policy reforms. UKBCCI Chairman Iqbal Ahmed and President MG Moula Miah also attended the meeting.
