Secretary (Bilateral) at the Ministry of Foreign Affairs Dr Md Nazrul Islam has emphasised Bangladesh’s commitment to shaping a partnership with the European Union that supports its development aspirations, strengthens multilateral cooperation and recognises the country’s unique socioeconomic context.
On the other hand, Paola Pampaloni, Managing Director (acting) at the European External Action Service, the European Union’s diplomatic wing, underlined the EU’s interest in deepening engagement with Bangladesh as a strategic partner in South Asia, commending the spirit of cooperation and progress demonstrated by both sides throughout the negotiation process.
They led the delegations of Bangladesh and the European Union (EU) at the third round of negotiations on a proposed Comprehensive Partnership and Cooperation Agreement (PCA) between Bangladesh and the EU, held virtually on October 9-10.
The PCA is aimed at establishing a “comprehensive framework” to strengthen bilateral relations and it will cover areas including trade, investment, governance, human rights, climate action, and sustainable development, a senior official told UNB.
Once finalised, the PCA will serve as a comprehensive legal framework to guide future Bangladesh-EU relations, marking a significant milestone as Bangladesh moves toward becoming the first South Asian country to sign a PCA with the EU.
During the discussion, both delegations reaffirmed their shared vision for a comprehensive, balanced and mutually beneficial agreement, which reflects the evolving priorities of the Bangladesh-EU relationship and addresses emerging global challenges.
Relevant officials representing various Ministries, Divisions and Agencies of the Government of Bangladesh took part in the negotiations, joining both physically and virtually.
The third round focused on advancing discussions across key thematic areas of mutual interest, including political cooperation, governance, human rights, trade and investment, climate change, connectivity, digital cooperation, education, migration, counter-terrorism, peace and security and sustainable development.
The two sides engaged in constructive dialogue to narrow gaps and align positions on several provisions of the draft agreement.
The two parties agreed to continue working intensively, with the objective of concluding the PCA negotiations at the earliest, said the Ministry of Foreign Affairs.
The fourth round is expected to be hosted by Dhaka at a mutually convenient date.
In 2024, Bangladesh was the EU's 36th largest trading partner (accounting for 0.4% of the EU's total trade in goods), while the EU was Bangladesh's largest trading partner.
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Total trade in goods between the EU and Bangladesh amounted to €22.2 billion in 2024 (with a deficit for the EU of €17.5 billion).
The EU's imports from Bangladesh are dominated by textiles, accounting for almost 94% of the EU's total imports from Bangladesh in 2024. The EU's exports mainly consist of machinery and appliances (35%) and chemical products (23%).
Total trade in services between the EU and Bangladesh amounted to €2 billion in 2023 (a surplus for the EU of €0.8 billion).
Total trade in goods and services between the EU and Bangladesh amounted to €23.9 billion in 2023.
Bangladesh is the largest beneficiary under the EU's Everything But Arms (EBA) arrangements, with €17.1 billion in exports benefitting from these preferences in 2023 - amid a 91% utilisation rate.
In 2023, the EU's foreign direct investment (FDI) stock amounted to €2.1 billion and Bangladesh's FDI in the EU was €95 million.