At a recent webinar organized by the Bangladesh Ministry of Foreign Affairs experts, including economists and business leaders, have urged the government to sign free trade agreements with ASEAN countries to boost exports to the bloc.
Experts and industry insiders recommended rigorous efforts to diversify the export basket and focus on marketing those overseas as the country will face stiff competition after graduating to a developing country by 2027, when the European market will withdraw its tariff concession.
In a presentation, Economics Professor DrSelimRaihan said in 2019, against an import bill of roughly $9 billion, Bangladesh had export earnings as low as $846 million from ASEAN.
Prof Raihan said signing of the Regional Comprehensive Economic Partnership (RCEP) -- made up of 10 Southeast Asian countries, as well as South Korea, China, Japan, Australia and New Zealand -- means that intra-regional trade and investment will be boosted significantly in the region.
DrRubanaHuq, President, BGMEA also urged the signing of an FTA with a Rules of Origin clause favorable to ASEAN. She said that by 2030 ASEAN as a bloc would be the fourth largest economy in the world.
NihadKabir, President, Metropolitan Chamber of Commerce and Industryadvocated for a pro-active and comprehensive trade policy, taking lessons from competing countries that are doing better in terms of drawing foreign investments and boosting exports.
She said that Bangladesh should appoint trade representatives overseas to promote trade and woo foreign investments.
SaminaNiaz, Bangladesh Ambassador to Vietnam, said high-skilled labour and government's policy support are the major factors why Vietnam is going ahead of Bangladesh in terms of export as well as wooing foreign investments.
However, Vietnam could be a good market for Bangladesh's pharmaceutical products, she said.
Foreign Secretary Masud Bin Momen, who chaired the webinar, asked all the high commissioners and ambassadors to find ways and means of boosting export to ASEAN and send reports to the ministry.
