Australia’s assistant Trade Minister Tim Ayres last week assured that ‘Duty Free Quota Free’ access for Bangladesh would continue after the country graduates from the least developed country (LDC) status in 2026.
He said this while meeting Bangladesh’s High Commissioner to Australia M Allama Siddiki in Sydney. Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan was present at the meeting at the Commonwealth Parliamentary Office.
Siddiki invited a business delegation led by Ayres to Bangladesh to explore opportunities in bilateral trade and investment. Ayres showed interest to further connect the Australian wool and cotton industry with counterparts in Bangladesh to spur growth in trade.
Meanwhile, Bangladesh has set eyes on doubling its garment exports to Australia within the next five years. Entrepreneurs are optimistic that Bangladesh can capitalise the expected reduction in China’s garment exports to Australia, much like it has successfully done in Europe and the United States.
In fiscal 2022-23, Bangladesh’s readymade garment (RMG) exports to Australia were worth $1.2 billion, a 42 per cent growth, BGMEA said. The first-ever Bangladesh Apparel Summit took place on July 18 in Melbourne.
