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Australian Assistant Trade Minister Senator Tim Ayres on Friday assured that 'Duty Free Quota Free' access for Bangladesh would continue in the post-LDC period.
"Graduation from LDC status would not make any changes to existing duty-free quota-free access of Bangladesh's products to Australian market," said Senator Tim Ayres in a meeting with Bangladesh High Commissioner to Australia M Allama Siddiki on the day.
BGMEA President Faruque Hassan was present during the meeting at the Commonwealth Parliamentary Office in Sydney.
Siddiki briefed the minister about the impressive socio-economic progress of Bangladesh in the last decade underpinned by success of agriculture and apparel sectors, remittance and macroeconomic as well as political stability.
He appreciated Australia's growing interest in Bangladesh and highlighted opportunities in goods such as cotton, wool, LNG and minerals and services such as Fintech, ITES and education and skill development for further bilateral trade and investment.
He invited a business delegation led by the Minister Ayres to Bangladesh to explore the opportunities in bilateral trade and investment.
Faruque Hassan highlighted the transformation in the apparel sector of Bangladesh in terms of sustainability, energy efficiency and well-being of the workers.
He spoke of the reforms that took place in the RMG sector over the years and BGMEA's vision of achieving ESG by setting up more green factories and ensuring gender equality, inclusiveness, and a decent workplace by 2030.
Ayres referred to Bangladesh as Australia's important partner and expressed keenness to enhance bilateral economic engagement.
He acknowledged progress made in the apparel sector of Bangladesh and strong business relations between the Australian retailers and Bangladeshi manufacturers which are contributing to diversify the industry and product range in Australia.
He added that labour rights, trade union and sustainability are important factors for Australian businesses and the government to engage with foreign partners.
He showed interest to further link up the Australian wool and cotton industry with relevant Bangladesh counterparts to spur growth in trade.
He expressed interest to explore ways to take forward the Trade and Investment Framework Arrangement signed in 2021 between Bangladesh and Australia to the next level.
A 11-member delegation led by President BGMEA is visiting Australia and held the Bangladesh Apparel Summit supported by the High Commission on 18 July in Melbourne.
In addition, the High Commission in association with the Consulate General in Sydney organized a session today for BGMEA delegates to highlight the strength of Bangladesh apparel industry in relevant businesses in Sydney.
A number of 35 attendees including Australian buyers, brands and industry representatives were present during the interactive session.
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Note: There has been talks to import long-staple high grade cotton from Australia as an adjunct to cotton imports from the US. These cotton processed and made into apparel in Bangladesh will get further tariff rebates when imported into Australian market. Ditto for Australian wool imported to Bangladesh.
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