Foreign-Affairs
It's high time Bangladesh and China sign FTA with investment deal: Speakers
Bangladesh and China should soon sign a comprehensive bilateral Free Trade Agreement (FTA) to boost especially Dhaka’s exports to hugely potential Chinese market, speakers at a discussion said on Wednesday.
Commerce Minister Tipu Munshi who attended the virtual discussion as the chief guest said though there has been some progress towards signing an FTA with China, more efforts are needed to conclude the negotiation and materialize the the FTA.
"I believe this will help Bangladesh to face the LDC graduation challenges," he said.
Speaking as special guest Chinese Ambassador to Bangladesh Li Jiming said it is high time to really consider an FTA combined with an Investment deal between Bangladesh and China.
Read:Bangladesh, Oman keen to expand economic partnership
He pointed out that there is a huge potential for Bangladesh to boost its exports to China.
The discussion titled “Bangladesh-China Economic and Trade Relations in the aftermath of the COVID-19 Global Pandemic” was organized jointly by Economic Reporters’ Forum (ERF) and Bangladesh China Chamber of Commerce & Industry (BCCCI).
Executive Chairman of Bangladesh Investment Development Authority (BIDA) Md. Sirazul Islam and Bangladesh Ambassador to China, Mahbub Uz Zaman also joined it as the special guests.
Eminent Trade Economist Dr. Mohammad Abdur Razzaque presented the keynote paper.
The bilateral trade between the two countries heavily favours China.
Out of around $12.09 billion bilateral trade in FY20, Bangladesh's export to China only accounted for $0.60 billion while imports from China totalled a mammoth $11.49 billion.
Minister Tipu said as part of its unilateral market access schemes for LDCs, China has allowed duty-free access to Bangladesh for 97 per cent of its tariff lines which became effective from July 1, 2020.
Read:Pragmatic talks underway over vaccine procurement, coproduction: Ambassador Li
Under this initiative, 8,256 Bangladeshi products enjoy zero tariff facility for exports in this market. "I strongly believe that by fully utilizing this DFQF facility, the trade imbalance can be reduced in a greater extent."
The commerce minister said Bangladesh gives utmost priority to its relations with neighbouring and regional friendly countries like China while the relationship between the two countries has developed robust based on mutual trust and interests.
Ambassador Li said both the entrepreneurs and businesses of China and Bangladesh suffered from the pandemic as the bilateral trade witnessed a fall of 13.6 per cent in 2020 from the last year.
He, however, termed attainment of Bangladesh's 6.1 per cent GDP growth in the outgoing fiscal year as "very encouraging".
The Chinese Ambassador said although there is a huge trade imbalance, but there would be more exports from Bangladesh to China in the coming days.
Li said he was fully confident that under the Chinese Belt and Road initiative, there would be more areas of cooperation in different fields like in 5G communication, high-speed railway as well as the G to G and PPP initiatives would get momentum in the post pandemic era.
BIDA Executive Chairman Md Sirazul Islam said that the Authority would facilitate and expedite investment from Chinese investors. "We want to see more FDI from China. BIDA is always ready to support Investment promotion and in policy advocacy,"
Read:Big-B Initiative to bring more investment to Bangladesh: Shahriar
He sad it would be a real game changer if Bangladesh could tap the potential Chinese market. "If we can explore even 1% potential of Chinese market, then the exports of Bangladesh to China will total $25 billion."
Ambassador Mahbub Uz Zaman said there is an excellent platform for cooperation between the two countries for further consolidating the bilateral relations.
"Chinese investments to Bangladesh have been playing an important role and have also been contributing towards employment generation" Mahbub said adding that the Chinese investors are looking forward to invest in the special economic zones in Bangladesh.
Dr. Razzaque suggested that Bangladesh increases its RMG exports to China. It can expand cooperation with China in artificial intelligence, robotics, and can set up technological hub with China.
He said that establishing a full-fledged FTA is an option to retain the available market access in China, but it comes with reciprocity.
He said there are estimates to suggest that a comprehensive bilateral FTA would have an overall positive impact on Bangladesh’s exports by 22 per cent of current exports to China.
On the other hand, Chinese exports to Bangladesh could increase by about 16 per cent.
Read:Korea supports strengthening digital investigation capability of Bangladesh Police
Any FTA deal with China should be backed by an investment agreement from which Bangladesh should be able to expand its exports and can keep bilateral trade deficits within reasonable, said Dr Razzaque.
ERF President Sharmeen Rinvy and Joint Secretary General BCCCI, Al Mamun Mridha delivered welcome remarks.
BCCCI President Gazi Golam Murtoza chaired the event while ERF General Secretary, S M Rashidul Islam moderated the function.
Senior Vice President, BCCCI Brig. Gen. Shah Md. Sultan Uddin Iqbal offered the vote of thanks.
Bangladesh, Oman keen to expand economic partnership
Bangladesh and Oman have discussed formation of a Joint Business Council as the two countries see "huge potential" for expanding economic partnership.
The two sides at the first ever Foreign Office Consultation (FOC) held virtually on Tuesday also discussed possibilities of investment in High Tech Park and economic zones of Bangladesh.
Read:Pragmatic talks underway over vaccine procurement, coproduction: Ambassador Li
Both sides agreed upon new areas of cooperation which includes maritime affairs, diplomatic academies, think-tanks and start-ups and desalinization.
Foreign Secretary Masud Bin Momen led the 12-member Bangladesh delegation including representatives from the Ministry Home Affairs, Ministry of Expatriates’ Welfare and Overseas Employment, Ministry of Commerce, Ministry of Civil Aviation and Tourism, Armed Forces Division and Bangladesh Ambassador to Oman.
Undersecretary Sheikh Khalifa Alharthy led the Omani delegation.
Foreign Secretary Masud Bin Momen extended special thanks to the Government of the Sultanate of Oman for taking good care of the Bangladesh Community in Oman during the COVID-19 pandemic.
Read:Big-B Initiative to bring more investment to Bangladesh: Shahriar
Undersecretary Sheikh Khalifa Alharthy appreciated the contribution of Bangladesh community to the economies of the both the countries.
While appreciating the generosity of Bangladesh for hosting 1.1 million forcefully displaced Rohingya people, he expressed Oman’s unflinching support on Rohingya issue.
Both sides agreed to work closely to address the ongoing challenges that emanated from the COVID-19 pandemic.
The agenda of the consultations focused on the ongoing political relations, economic cooperation, capacity building and training of Bangladeshi workforce, consular issues, and people-to-people contacts.
Read:Korea supports strengthening digital investigation capability of Bangladesh Police
They agreed on the importance of health and food security in the coming days.
Both sides exchanged views on regional and multilateral issues and enhance the close cooperation in the multilateral fora.
Pragmatic talks underway over vaccine procurement, coproduction: Ambassador Li
Chinese Ambassador to Bangladesh Li Jiming on Wednesday said a "very pragmatic" discussion is underway on procurement of COVID-19 vaccine doses from China to meet Bangladesh's needs.
He also said there is very "encouraging progress" between the two countries over coproduction of vaccines.
The Ambassador was addressing a virtual discussion on “Bangladesh-China Economic and Trade Relations in the aftermath of the COVID-19 Global Pandemic” jointly organized by Economic Reporters’ Forum (ERF) and Bangladesh China Chamber of Commerce & Industry (BCCCI).
Read: Relations with China as usual: FM Momen
Commerce Minister Tipu Munshi spoke at the event as the chief guest.
Executive Chairman of Bangladesh Investment Development Authority (BIDA) Md. Sirazul Islam, Bangladesh Ambassador to China Mahbub Uz Zaman, Senior Vice President, BCCCI Brig. Gen. Shah Md. Sultan Uddin Iqbal, Joint Secretary General BCCCI Al Mamun Mridha and ERF President Sharmeen Rinvi and other leaders of FBCCI also spoke.
Eminent Trade Economist Dr. Mohammad Abdur Razzaque presented the keynote paper at the event moderated by ERF General Secretary SM Rashidul Islam.
Big-B Initiative to bring more investment to Bangladesh: Shahriar
State Minister for Foreign Affairs Md Shahriar Alam has said the Bay of Bengal Industrial Growth Belt (Big-B) Initiative of Japan will accelerate cooperation for development of quality infrastructure and create more investment opportunities in Bangladesh.
These, he said, will also strengthen regional connectivity.
Japanese Ambassador Ito Naoki met the state minister on Tuesday and comprehensively discussed the bilateral relations and issues of common interests.
Read: COVAX Facility: Japan to provide 30mn vaccine doses to other countries
They also reviewed the progress of the Japan-funded major development projects.
Recognising Bangladesh’s leadership role in the climate change discourse, the Ambassador said the Japanese investors are willing to invest in clean energy.
Bangladesh and Japan agreed to work together to tackle the challenges of the Covid-19 pandemic.
Both sides recalled Father of the Nation Bangabandhu Sheikh Mujibur Rahman’s groundbreaking visit to Japan in 1973 which laid the rock-solid foundation of the bilateral relations.
The state minister conveyed his deep appreciation for Prime Minister Yoshihide Suga’s participation at the event celebrating Bangabandhu’s birth centenary and the Golden Jubilee of the Independence of Bangladesh.
Read:COVID-19 Response: Japan provides ASEF equipment to Bangladesh
The two sides agreed to commemorate the 50th anniversary of establishment of diplomatic relations in 2022 in a befitting manner, including through exchange of high-level visits.
State Minister Shahriar Alam stated that the Covid-19 pandemic posed an unprecedented challenging time for all and thanked the government of Japan for the Covid-related assistance.
He briefed the Japanese envoy on the initiatives taken by the government to combat the pandemic and sought support from Japan to continue its fight against the virus.
Japanese Ambassador highly appreciated the socio-economic progress of Bangladesh, even during the pandemic, under the leadership of Prime Minister Sheikh Hasina and assured of continued support to Bangladesh to deal with the Covid situation.
Read: One step closer to completing historic Metro Rail project in Bangladesh: Japan
Alam underscored that if 1.1 million Rohingyas were denied the opportunity to return to their ancestral homes in the Rakhaine state of Myanmar and it could have ramifications for regional and international security and stability.
He also urged Japan to use her influence to persuade Myanmar and the international community to create a conducive environment within Myanmar for safe and dignified return of the Rohingyas.
The Ambassador reiterated Japan’s commitment of continued support for Rohingya repatriation.
Korea supports strengthening digital investigation capability of Bangladesh Police
South Korean Ambassador to Bangladesh Lee Jang-keun has expressed his government's commitment to continuously support strengthening the digital investigation capability of Bangladesh Police.
Ambassador Lee met Inspector General of Bangladesh Police Dr. Benazir Ahmed on Tuesday and discussed bilateral cooperation in addressing challenges in the constantly changing security environment, particularly in cyberspace.
Recognizing the close cooperation between the two countries and the Korean Government’s support in the capacity-building of Bangladesh Police, the two sides discussed the new assistance project by the Government of the Republic of Korea through KOICA titled “Safer Cyberspace for Digital Bangladesh.”
Also read: PM wants to take partnership with S Korea to new height
The project, which aims at strengthening the digital investigation capability of Bangladesh Police, consists of constructing Cyber Police Center (CPC) in Chattogram, providing digital investigation equipment in Dhaka, Chattogram, and Cox’s Bazar, dispatching digital investigation experts, and training of Bangladesh policemen in Korea.
The project period spans 2020 to 2023 with a total budget of 4.8 million US dollars, said the South Korean Embassy in Dhaka.
Between 2013 and 2016, Republic of Korea provided assistance to Bangladesh in establishing Cyber Investigation Center (CIC) and Cyber Training Center in Dhaka with a total project cost of $3 million.
Also read: S Korean envoy shares historical documents with FM Momen
Ambassador Lee expressed his appreciation to the Inspector General for the cooperation of Bangladesh Police in assuring the safety of Korean nationals living and doing business in Bangladesh.
He also invited Benazir Ahmed to participate in the International Police Summit organized by the Korean National Police from 20 to 23 October this year.
Journalist Ranjan appointmented 1st Secretary (Press) at Kolkata Mission
The government has appointed journalist Ranjan Sen as first secretary (Press) at Bangladesh Deputy High Commission in Kolkata.
Ranjan is currently working as Chief News Editor (CNE) of Ekushey TV.
The contractual appointment is for two years.
The Public Administration Ministry issued a gazette notification in this regard on Tuesday.
US to honour Bangladesh's request for AstraZeneca vaccine: FM hopes
Foreign Minister Dr AK Abdul Momen on Tuesday hoped that the US will honor Bangladesh by providing AstraZeneca vaccine apart from other vaccines saying Bangladesh sought 20 lakh doses of the vaccine from the country.
“The US government told us that they will give us vaccines. They are yet to decide how many doses of vaccine they will be able to provide us. Naturally, there’ll be a push to that end so that we get it at the earliest,” he said.
While talking to a small group of journalists at his office, the Foreign Minister said Bangladesh needs at least 15 lakh doses of AstraZeneca immediately but sought around 20 lakh doses from the US. “I think they will honour us. Let’s see.”
The US reportedly wants to give Moderna and Pfizer vaccines for Bangladesh and Bangladesh is in discussion with China and Russia over vaccine procurement.
On June 3, the White House announced its plan to share vaccines directly with Bangladesh as part of a framework to provide 80 million U.S. vaccine doses globally by the end of the month. This includes 7 million doses destined for Asia.
Also read: Increase in Covid-19 vaccine production in India to be 'game changer' beyond borders: US
Dr Momen said he will visit New York soon to attend the General Assembly Plenary and related meetings.
A senior official at the Ministry of Foreign Affairs tod UNB that the Foreign Minister is likely to leave here for New York on June 13.
Asked whether he will travel to Washington too, the Foreign Minister said it is not decided yet.
He welcomed the win of his counterpart of Maldives Abdulla Shahid as the President of 76th Session of the United Nations General Assembly (UNGA). “It’s a good news for us,” he said.
Bangladesh has been elected Vice President for the upcoming 76th Session of the United Nations General Assembly (UNGA) from the Asia Pacific Region for a one-year term beginning from September 2021.
The election was held at the United Nations General Assembly on Monday where Bangladesh was elected unanimously.
Also read: China to deliver 6 lakh doses of vaccine as gift by June 13
Along with Bangladesh, Kuwait, Lao People's Democratic Republic and the Philippines have also been elected as Vice Presidents from the Asia Pacific Region.
Bangladesh last served as Vice President during the 71st session in 2016-2017.
After the election, Permanent Representative of Bangladesh to the UN Ambassador Rabab Fatima said Bangladesh is a flag bearer of multilateralism and believes in the leadership of the UN in addressing the complex challenges facing the current world.
"Bangladesh maintains principled and constructive position in various global discourses in the field of development, peace and security and human rights. Today’s election demonstrates the trust that the international community reposes on Bangladesh in the multilateral fora” she said.
The 76th session of the UN general assembly would be of particular significance as the world recovers from the COVID 19 pandemic and its multidimensional impacts, said the Bangladesh Mission in the UN on Tuesday.
The United Nations General Assembly (UNGA), consists of all the 193 Member States, and serves as the main deliberative, policy-making, and representative organ of the UN for multilateral discussion of the full spectrum of international issues covered by the UN Charter.
It meets under its president in annual sessions and generally starts from September, at UN headquarters in New York.
Bangladesh can earn at least $ 2bn more exporting non-cotton products: BGMEA chief
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan on Tuesday said Bangladesh can add at least US$ 2 billion in its export earnings annually by grabbing the growing global market of man-made fibre (MMF) textiles.
“There’s huge opportunity. Market is there. If we can grab the opportunity, we can add additional exports worth US$ 2 billionat least,” he told a small group of reporters at his office in the city.
The chief of the country’s apparel sector’s apex body reiterated its request to the government to provide a 10 percent cash incentive for non-cotton based garment exports for a certain period so that Bangladesh remains competitive in the global market.
Faruque said such efforts will help create employment and boost investment in the sector contributing to the overall economy of the country.
Read:BGMEA seeks central bank support for RMG sector to address pandemic challenges
He said the demand for man-made fibre (MMF) textiles all over the world is on the rise with annual growth of 3 to 4 percent as a substitute for cotton amid changes in global fashion trends.
Currently MMF dominates global textile fibre consumption with around 75 percent non-cotton fibre (64 percent MMF) while the cotton share is only 25 percent.
The share of MMF has been steadily increasing due to the inherent limitations of growth of cotton and other natural items.
The BGMEA President said they did not ask for reduction of any tax this time but only wanted continuation of those facilities that are already in place.
He said MMF-based textile trade volume stood US$ 150 billion in 2017 while Bangladesh’s share was only 5 against Bangladesh’s competitor Vietnam’s share of 10 percent.
The BGMEA President said though there was investment in the non-cotton or MMF sector in the past, it was mainly capital investment and technology-based investment.
He said it will encourage investment and exports in the non-cotton sector if 10 percent incentive is given on export of non-cotton products.
Faruque said they did not see that much investment in the sector in the last couple of years which is required for employment generation.
Read:BGMEA wants continuation of 0.5 per cent source tax
Dhaka, Vienna ink key air services pact
Bangladesh and Austria have inked a key pact to boost bilateral aviation business and increase air connectivity between the two countries.
Read:76th UNGA session: Bangladesh elected vice-president
Bangladesh Ambassador to Austria Muhammad Abdul Muhith and Ambassador Andreas Riecken from the Austrian Ministry of European & International Affairs signed the Air Services Agreement (ASA) on behalf of their respective countries in Vienna on Monday.
The ASA between Bangladesh and Austria is expected not only to boost the aviation business for the two countries, but also to increase the business-to-business and people-to-people connectivity, according to the Bangladeshi side.
Read:76th UNGA session: Maldives elected president, Bangladesh VP
The agreement will also help turn Vienna into a regional hub for Central, Eastern and Northern European countries, including Scandinavia, thanks to its unique location, for transportation of goods and passengers between Bangladesh and the region, a release said.
In particular, both the countries expect that this agreement will expedite the process of passenger and cargo flights to and from Dhaka in near future and expand business opportunities between the two countries.
Read:Greater efforts sought from envoys to enhance trade with Asean
76th UNGA session: Bangladesh elected vice-president
Bangladesh has been elected vice-president of the upcoming 76th session of the United Nations General Assembly (UNGA) from the Asia-Pacific Region for a one-year term starting September this year.
The election was held at the UNGA Monday where Bangladesh was elected unanimously.
Along with Bangladesh, Kuwait, the Lao People's Democratic Republic and the Philippines were also elected as vice-presidents from the Asia-Pacific.
READ: 76th UNGA session: Maldives elected president, Bangladesh VP
Bangladesh last served as vice-president during the 71st session of the UNGA in 2016-2017.
After the election, Permanent Representative of Bangladesh to the UN Ambassador Rabab Fatima said: "Bangladesh is a flag bearer of multilateralism and believes in the leadership of the UN in addressing the complex challenges facing the current world."
"The country maintains principled and constructive position in various global discourses in the field of development, peace and security and human rights. Today's election demonstrates the trust reposed by the international community in Bangladesh at the multilateral fora" she added.
Meanwhile, Maldives Foreign Minister Abdulla Shahid was elected president of the same session of the UNGA.
The 76th session of the UN general assembly will be of particular significance as the world recovers from the Covid-19 pandemic and its multidimensional impacts, said the Bangladesh Mission at the UN Tuesday.
READ: ‘Great disservice to your office’: India stings UNGA Prez for his Kashmir remark
The UNGA consists of all the 193 member states and serves as the main deliberative, policy-making, and representative organ of the UN for multilateral discussion of the full spectrum of international issues covered by the UN Charter. The UN organ meets under its president in annual sessions, which generally starts from September at headquarters in New York.