Julia Alam :
The proposal on UK-Bangladesh Free Trade Agreement made by the Confederation of British industry (CBI) seems to be a new issue of serious discussion in UK Bangladesh economic relation.
CBI, the heavyweight lobbying group of 19 thousand plus British businesses, hints that due to rapid economic progress here, businessmen of UK are now looking at Bangladesh market seriously.
‘Post-Brexit UK foreign trade policy focuses on FTAs with key trading partners…agreements have already been made with Australia, New Zealand and even India,’ the CBI chief Lord Karan Faridoon Bilimoria told me in an exclusive interview in Manchester.
‘CBI expects Bangladesh will be keen to sign FTA agreement with UK as well…. Bangladesh economic is rising fast and per capita income increased there significantly,” the Lord proposed during Bangladesh Investment Summit. On 4rth of November, the Prime Minister Sheikh Hasina inaugurated investment road-shows in London, organized by the Bangladesh Securities and Exchange Commission.
Bilimoria pointed out that UK is the 6th largest economy in the world with very big market of the affording consumers. On the other hand, UK is the third largest market destination of made in Bangladesh export goods. Trade between two countries now amounts at around four and a half billions of pounds although about three and half billions are export proceeds of Bangladesh.
The CBI wants a bilateral FTA while UK has left EU with Brexit but Bangladesh continues enjoying duty-free export facility to the UK for a few more years. Moreover, with trade balance heavily tilted to Bangladesh, she apparently does not need FTA.
Dr. Khandker Golum Moazzem, research director at the Center for Policy Dialogue, finds proposal of UK-Bangladesh FTA quite potential.
“Despite Bangladesh will continue receiving duty-free market access in UK for some more years, discussion on bilateral FTA can be started now eyeing future,’ said the trade expert economist.
Moazzem said, if services are added in FTA Bangladesh will be benefitted and emphasis need to be given in inviting more and more British investments in diverse indusial sectors in Bangladesh.
The former president of the British Bangladesh Chamber of Commerce and Industry Dr. Wali Tasar Uddin echoed similarly with Dr. Moazzem. “Despite Bangladesh enjoys duty-free market here, UK-Bangladesh FTA can be a win-win deal for both countries.
Dr. Wali, a Dublin based businessman, advised that Bangladesh needs to start talks with British government to send skilled Bangladeshi workforces there.
Bilmoria, chairman of the world-renowned Kubra Beer Group, a wealthy man of Indian descent, says Bangladeshis are very enterprising. “We see migrant Bangladeshi restaurant or curry house owners are very hardworking … I also met many innovative Bangladeshi businessmen and entrepreneurs who came to visit UK.
He says that each of about 6 hundred thousand Bangladeshis migrants in the UK can act as ambassador to their homeland and promote her economic potentials here. “They can play a role in developing country image of Bangladesh here and strengthening trade and investment relations with their homeland and the United Kingdom,” said the CBI chief.
(Julia is a Business Journalist).
