Bangladesh and Australia concluded a trade and investment framework arrangement
Bangladesh Commerce Minister Tipu Munshi and Australian Minister for Trade, Tourism and Investment Dan Tehan signed for their respective countries a ‘Trade and Investment Framework Arrangement’ or TIFA in a virtual ceremony on 15 September 2021. The two ministers expressed hope that the investment and trade between the two countries would increase through the signing of TIFA. Terming Bangladesh as an important place for investors, Minister Munshi hoped that the Australian investors should embrace the opportunity to benefit from investing in a large and rapidly growing Bangladesh market of about 160 million people.
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Australia-Bangladesh: a Booster Dose For Trade Diversity
(An article by Brendan Augustin published by AIIA)
Bangladesh’s potential to be a much more significant trade and investment partner for Australia is real. In the eyes of many Australians, including in business community, Bangladesh has an outdated and incomplete image. Bangladesh recorded nearly 6 percent annual GDP growth from 2000-19 and officially registered a 3.5 percent growth rate in the COVID-19 ravaged 2020, raising the country’s GDP to almost US$320 billion. In pre-COVID-19 2019, the economy grew by eight percent.
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Foreign Minister Momen requests for effective support of the EU for repatriation of Rohingyas to Myanmar
Foreign Minister Dr. A. K. Abdul Momen, in a bilateral meeting with Mr. Josep Borrell, High Representative of the European Union for Foreign Affairs and Security Policy, and Vice-President of the European Commission (HRVP) held in New York on 23 September 2021, requested for effective measures by the European Union for creation of conducive environment in Myanmar for sustainable repatriation of the Rohingyas sheltered in Bangladesh. He explained that sheltering 1.1 million Rohingyas in Bangladesh has been causing enormous social, economic, and environmental costs for Bangladesh. High Representative Borell thanked Bangladesh for the humanitarian gesture of sheltering Rohingyas and assured that EU would work with Bangladesh and the international community to ensure sustainable repatriation of the Rohingyas.
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Bangladesh calls for a fair and balanced IPR system to fight COVID-19 pandemic
‘Intellectual Property Regime (IPR) should not become a hindrance to respond effectively to the COVID-19 pandemic’, said Ambassador Md. Mustafizur Rahman, Permanent Representative of Bangladesh in Geneva, at the 62nd series of the General Assemblies of the World Intellectual Property Organisation (WIPO). As the Coordinator of the Asia and the Pacific Group (APG) in WIPO, Ambassador Rahman also highlighted that a balanced IPR system is required to encourage and ensure the development of and equitable access to the medical tools – such as diagnostics, therapeutics, vaccines – to fight this global health crisis.
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Foreign Minister calls for Commonwealth solidarity, intra-Commonwealth trade, vaccine equality and result-oriented climate action
During the 21st Commonwealth Foreign Affairs Ministers' meeting (CFAMM) held virtually in London on 16 September 2021, Commonwealth leaders commended Prime Minister Sheikh Hasina's humanitarian role in taking bold decision to give shelter to a huge number of Forcibly displaced Myanmar nationals (FDMN) and thus saving thousands of innocent lives, and her leadership of the Climate Vulnerable Forum (CVF). Head of the Bangladesh delegation, Foreign Minister Dr. Momen highlighted the current impasse over the FDMNs voluntary repatriation to Myanmar and their partial internal relocation to Bhashan Char. He urged the Commonwealth to assist in persuading the government of Myanmar to honour their commitments.
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ICRC President appreciates humanitarian role of Bangladesh in providing shelter to Rohingyas
When Mr. Peter Maurer, President of the International Committee of the Red Cross (ICRC) called on Foreign Minister Dr. A. K. Abdul Momen in New York on 23 September 2021, the Foreign Minister suggested that the ICRC should work more actively in Rakhine State with the Myanmar authorities for creation of a conducive environment to allow Rohingyas sheltered in Bangladesh to go back to their homeland with dignity and in a sustainable manner. Mr. Maurer expressed gratitude of the ICRC to Bangladesh and Prime Minister Sheikh Hasina for the humanitarian gesture in providing shelter to the persecuted Rohingyas.
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A peek into the digital emergence of Bangladesh
Bangladesh is emerging as one of the most exciting markets in Asia. The country’s digital maturity has evolved over the years. Progress of digitalisation continues across all government-run operations including national ID and passport applications, tender submissions, registrations, car licences, utility bill payments and even COVID-19 vaccinations. Everyday life is going digital and online. As per Bangladesh Telecom Regulatory Commission’s June 2021 statistics, about 120.95 million of 166 million people in Bangladesh are now connected to the internet.
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Bangladesh calls for developed countries to pay compensation to climate vulnerable nations
Speaking ahead of the much-anticipated climate summit, COP26, scheduled to take place in Glasgow in November 2021, Foreign Minister AK Abdul Momen called upon developed countries- responsible for the highest rates of global carbon emissions - to pay compensation to poorer nations for the loss and damage incurred through climate change. The G20, which is made up of most of the world’s largest economies, accounts for more than 80% of global carbon emissions. Meanwhile, developing countries like Bangladesh often emit the lowest amounts of global emissions but are forced to endure the disproportionate wrath of climate change. Bangladesh, with 2.2% of global population, is responsible for only 0.4% of the planet’s total carbon discharge yet loses around 2% of its GDP yearly to extreme climate events.
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DCCI to host trade & investment summit on Oct 26-Nov 01 2021
The "Bangladesh Trade & Investment Summit" jointly organized by the Ministry of Commerce of Bangladesh and the Dhaka Chamber of Commerce & Industry (DCCI) is going to take place virtually from 26 October - 01 November 2021. The summit intends to promote Bangladesh as an attractive trade and investment destination to global businesses. With the theme 'Connecting the Economy of Tomorrow', the summit will discuss nine sectors that have huge investment opportunities in Bangladesh, especially in Infrastructure, IT/ITES & FINTECH, Leather Goods, Pharmaceuticals, Automotive & Light Engineering, Plastic Products, Agro & Food Processing, Jute & Textiles, FMCG and Retail Businesses. The summit also provides a virtual platform for the foreign businesses to hold one-to-one meetings with their prospective Bangladeshi counterparts.
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