Bangladesh and the European Union (EU) have expressed optimism about further strengthening trade and investment cooperation in a bilateral meeting held on the sidelines of the 14th WTO Ministerial Conference (MC14).
During the meeting that took place on March 29 in Yaoundé, Cameroon, Commerce Minister Khandaker Abdul Muqtadir reiterated Bangladesh’s strong commitment to enhancing economic partnership with the EU, said a Commerce Ministry press release on Monday.
The Commerce Minister led the Bangladesh delegation which included Commerce Secretary Mahbubur Rahman and other senior officials of the ministry.
EU Commissioner Maroš Šefčovič led the European side accompanied by Director-General for Trade Sabine Weyand and other senior officials.
The minister said the new government has been taking forward-looking measures to integrate Bangladesh more deeply into global value chains and improve the business climate, which would help accelerate sustainable trade-led growth.
Referring to Bangladesh’s upcoming graduation from the Least Developed Country (LDC) category, the minister requested the EU to extend the transition period by three years to help maintain export competitiveness and mitigate potential economic risks.
He also urged the EU to initiate discussions on a Free Trade Agreement (FTA) at an early stage, noting that the bloc remains Bangladesh’s largest export destination particularly for readymade garments.
Highlighting Bangladesh’s broader trade strategy, the minister said the country has already concluded an Economic Partnership Agreement (EPA) with Japan and is currently engaged in negotiations on FTAs and CEPAs with several countries including South Korea, Singapore and the United Arab Emirates.
He also noted that Bangladesh has made significant progress in labour sector reforms in line with International Labour Organization (ILO) guidelines, adding that the amended labour law will be enacted soon.
The EU side assured that Bangladesh’s request for extending the LDC transition period would be considered positively and appreciated the ongoing labour reforms, said the release.
Regarding the proposed FTA, EU officials said the matter would be assessed following the completion of necessary internal processes.
Both sides emphasised the importance of ensuring a level playing field, transparency and fairness in trade and investment.
The EU underscored the need for balanced engagement while Bangladesh reaffirmed its commitment to ensuring non-discriminatory and equitable treatment for all partners.
Both parties agreed to maintain close engagement and continue discussions on trade, investment and reform initiatives in the future.