UK looks to deepen trade ties with Bangladesh

The United Kingdom is committed to working with Bangladesh closely to deepen trade and investment ties between the two countries, said UK Minister for International Trade Nigel Huddleston. 

He arrived in Dhaka on Tuesday, demonstrating his country's strong ambition to work with Bangladesh to achieve an enhanced trade and investment relationship.

In a statement, the UK High Commission in Dhaka said the UK is committed to working with Bangladesh to create a trade and investment relationship that will create jobs and grow both economies.

The total trade in goods and services between the UK and Bangladesh reached a record 4.7 billion pounds at the end of 2022.

In the statement, Huddleston said, "The UK has a strong and enduring relationship with Bangladesh, and our trade with the country has grown significantly over the past year.

"My first visit here demonstrates the UK's strong ambition to work with Bangladesh to achieve an enhanced trade and investment relationship. I look forward to working with the government of Bangladesh on increasing mutual prosperity by addressing barriers to market access and trade."

Yesterday, Huddleston met with Salman F Rahman, private industry and investment adviser to the prime minister.

They discussed ways to deepen trade and investment ties between the two countries, according to a press release released by the office of the adviser.

Huddleston is scheduled to meet Commerce Minister Tipu Munshi to discuss the UK's Developing Countries Trading Scheme (DCTS), a preferential trade facility, which came into force last month and makes it easier for Bangladesh to trade with the UK.

Bangladeshi exporters now benefit from simpler and more generous Rules of Origin, which means that they are able to produce goods using components from many more countries and still export the finished products with zero tariffs to the UK.

Huddleston is expected to meet Mahbub Ali, state minister for civil aviation and tourism, and discuss the UK's offer to help Bangladesh realise its ambition of becoming the next aviation hub in South Asia, according to the statement from the British high commission.