Dhaka chamber urges faster trade deals ahead of LDC graduation

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 after graduating from the least developed country (LDC) category, the Dhaka Chamber of Commerce and Industry (DCCI) said yesterday.

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

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The recommendations were made by DCCI President Taskeen Ahmed during a meeting with State Minister for Foreign Affairs Shama Obaed Islam at the foreign ministry.

Taskeen urged the foreign ministry to play a more proactive role in facilitating FTAs and PTAs with countries offering significant trade potential.

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

He said diversifying export products and destinations would be crucial to addressing the challenges of the post-LDC era, adding that Bangladesh has ample opportunities to expand trade and investment in Africa, South America and Southeast Asia.

To unlock those opportunities, he said, the government should further strengthen its economic diplomacy initiatives.

The DCCI president also called for simplified direct payment mechanisms to facilitate bilateral trade and investment with African countries, particularly in contract farming, information technology and agriculture.

At the event, the state minister said the government remains committed to signing trade agreements that would help expand bilateral trade and investment with Africa and other promising markets.

She said stronger collaboration between the government and the private sector would be essential to achieving positive outcomes in this regard.

Shama Obaed said African countries offer considerable export opportunities for Bangladeshi products such as jute and jute goods, leather and leather products, pharmaceuticals, fruits and ceramics. She urged local entrepreneurs to explore those markets more actively.

She also stressed the need to strengthen the capacity of the private sector to address the challenges arising from Bangladesh’s graduation from the LDC category while promoting export diversification and market expansion.

DCCI Senior Vice-President Razeev H Chowdhury, Vice-President Md Salem Sulaiman, Acting Secretary General AKM Asaduzzaman Patwary, and Syed Muntasir Mamun, director general of the International Trade, Investment and Technology Wing at the foreign ministry, also attended the meeting.