Head of Division for South Asia of the European External Action Service Rensje Teerink has highlighted how at the 50th anniversary the relations between Bangladesh and the European Union (EU) have become more mature and geostrategic.

She said there is great potential in Bangladesh and in its cooperation with the EU, especially given its geostrategic role in the Indo-Pacific and in view of its graduation from LDC status.

The European Institute for Asian Studies (EIAS) and Study Circle London jointly organised the conference ‘EU-Bangladesh Cooperation: Opportunities and the Bengal Tiger Economy’ at EIAS in Brussels, Belgium on July 5.

The conference delved into 50 years of diplomatic relations between the EU and Bangladesh, explored the implications of Bangladesh's remarkable development and assessed the opportunities for enhanced future collaboration between both partners.

The conference was chaired by Lin Goethals, EIAS Director and brought together a number of highly distinguished speakers from different institutions and organisations from Bangladesh and Europe, according to a media release.

In his opening remarks, Bangladesh Ambassador Mahbub Hassan Saleh emphasised the robust trade partnership between the EU and Bangladesh, with the EU being the destination for 50% of Bangladeshi global exports.

Bangladesh’s emergence as a Bengal Tiger Economy since its independence has played a significant role in the formation of this relationship, he said.

Yet, the envoy said, the two entities are now seeking to expand their cooperation beyond trade into areas such as climate change, security, connectivity, migration, and the blue economy.

This cooperation is based on shared values in democracy, justice, gender equality, human rights, and a secular government.

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Together, the partners also aim to address issues such as the displacement of Rohingya refugees, he said.

Ambassador Saleh highlighted that to strengthen their partnership, the EU and Bangladesh have agreed to initiate negotiations for a Partnership and Cooperation Agreement (PCA) within this year.

This move is seen as a significant step toward taking the relationship to the next level, following Bangladesh’s projected graduation from Least Developed Country (LDC) status into a long-term, mutual, alliance, said the envoy.

Faruque Hassan, President of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) elaborated on the economic and industrial aspects of the EU-Bangladesh relationship. He emphasised that millions of people in Bangladesh depend on the garment industry that employs around four million workers, with 60% being female.

The industry has played a significant role in the country’s economic growth, as Bangladesh experienced its highest GDP growth of 8.1% between July 2018 and June 2019, and the poverty rate decreased to 18.7%.

He also highlighted the significance of EU-Bangladesh bilateral trade. The clothing and textile industry benefits both markets, and Bangladesh aims to diversify into high-end garments, including sportswear and lingerie, while exploring opportunities in non-cotton markets.

The country's graduation to a better market access status is a matter of pride, but also requires a focus on environmental and labour rights.

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Deepening the partnership with the EU and retaining market access are crucial, and Bangladesh hopes to receive an extension of its favourable trade conditions.

Faruque Hassan also stressed the shift from an agro-based to an industry-based development model in Bangladesh, with two million people joining the labour force annually and projections suggesting that Bangladesh will become the 23rd largest economy by 2050.

Study Circle London Chairman Syed Mozammed Ali subsequently presented their recent study: “Bangladesh: The Journey of Indomitable Development”.

Referring to the transformation that has taken place in Bangladesh as nothing short of a miracle, considering the country was once described as a “bottomless basket”, Bangladesh is currently the 37th largest economy globally, with a total GDP of 480 billion USD in 2022.

Member of the European Parliament Milan Zver stressed the need for human capacity development in Bangladesh and inclusive governance, with a specific focus on education, skills development, green inclusive development and energy efficiency.

Advocate Tarana Halim, former State Minister of Post and Telecommunications, highlighted the need to turn the people of Bangladesh into a highly skilled workforce and to provide them with jobs.

Digital Bangladesh has become a reality and while it is experiencing a steep economic growth, political stability is needed, she said.

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Bangladesh’s Vision 2021 and Vision 2041, the Delta Action Plan and poverty alleviation, as well as the development of economic zones are all key government initiatives to get Bangladesh ready for the future and develop it in a sustainable way.

She concluded by identifying a number of opportunities for the EU to further explore in Bangladesh, such as expanding its investments in the country and help diversify its economy, as well as in ship building, education and the building of subsidiary campuses, and the health sector.

John Cornet d’Elzius, Director for Asia and the Pacific at the Ministry of Foreign Affairs of Belgium, stressed the importance of Bangladesh for Belgium as it is the 4th largest exporter to the country in the EU, having seen a steep increase in more recent years.

Nahim Razzaq, MP addressed the transition EU-Bangladesh relations have been going through, especially given the EU’s focus on democracy, food, nutrition, sustainable development, education, and human development, now also having moved on to the green sector.

He identified three major areas for increased engagement between the EU and Bangladesh: trade and commerce, geopolitics and global cooperation, including in the Indo-Pacific and through the Global Gateway in technology and innovation, as well as security in the broad sense of its meaning (food security, climate change, defence).