After Bangladesh leaves the Least Developed Country (LDC) group, 92 per cent of its export items will still enjoy zero duty in the United Kingdom (UK).
Also, more than 99.8 per cent of Bangladeshi products will continue to enjoy zero duty in the UK until 2029, said British High Commissioner to Bangladesh, Ms Sarah Cooke.
She shared this hopeful news during a meeting with Mahbubur Rahman, President of the International Chamber of Commerce (ICC) Bangladesh, and other executive members of the Chamber at the ICCB secretariat in Dhaka on Monday.
ICC Bangladesh President Mahbubur Rahman highlighted the long-standing and dynamic relationship between Bangladesh and the United Kingdom, rooted in deep historical ties, vibrant people-to-people connections, and robust trade.
He underscored the UK's position as one of Bangladesh's largest export destinations, particularly for ready-made garments, and acknowledged the active presence of British companies in Bangladesh's financial services, energy, and education sectors.
He also expressed the hope for enhanced economic collaboration, and deepening cooperation on global challenges such as climate change and sustainable development.
Ms Sarah Cooke said the UK is committed to strengthening its partnership with Bangladesh, especially in increasing trade and investment in both directions.
She praised Bangladesh's progress towards graduating from Least Developed Country (LDC) status and underscored the importance of diversifying exports to sustain economic growth.
She said the UK is still a key export market for Bangladesh and is helping the country's exporters through the Developing Countries Trading Scheme (DCTS). This allows Bangladeshi products to enter the UK without import tax (zero tariff) on 99.8 per cent of items until 2029. After that, 92 per cent of product lines, including garments, will still have zero tariffs.
Ms Cooke said higher education, climate finance, renewable energy, and aviation could be important areas for future partnership.
She also said that the UK is supporting women entrepreneurs and helping them access the UK market.
During the meeting, ICCB members suggested more UK support for capacity building, skill development, and scholarships for higher education.
ICCB Vice Presidents A K Azad and Naser Ezaz Bijoy, along with Board Members Abdul Hai Sarker, Aftab Ul Islam, Anwar-Ul Alam Chowdhury Parvez, Md Fazlul Hoque, Mir Nasir Hossain, Sayeed Ahmed, Showkat Aziz Russell, Simeen Rahman, Banking Commission Chair Muhammad A (Rumee) Ali, DBL Group MD M A Jabbar, and ICCB Secretary General Ataur Rahman attended the meeting.
They welcomed the High Commissioner's initiative and echoed the call for deepening business-to-business and institution-to-institution linkages between the two nations.
The meeting was also attended by Saiyab Amal Ahmed, Deputy Director of Trade & Investment, British High Commission, ICCB General Manager Ajay Bihari Saha and Deputy General Manager Syeda Shahnewaz Lotika.
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