Bangladesh is in discussions with 12 countries on free trade agreements (FTAs), Commerce Minister Khandaker Abdul Muktadir has said. Talks with several countries, including Indonesia and Malaysia, are progressing, while formal negotiations with the European Union (EU) on an FTA could begin within the next month.
The minister made the remarks at an event organised by the Bangladesh Institute of International and Strategic Studies (BIISS) in the capital on Wednesday morning.
Khandaker Abdul Muktadir said discussions on FTAs are underway with 12 countries, including Indonesia and Malaysia. Formal negotiations with the EU are also expected to begin soon, he added.
He said the government is taking various initiatives to boost export capacity. At the same time, it is working to improve the business and investment climate by ensuring reliable access to energy and allowing investors to repatriate dividends and capital to their home countries securely.
The commerce minister said the government is prioritising the creation of a favourable investment environment. It is also focusing on ensuring greater market access for Bangladeshi products in international markets to address the trade challenges the country will face after graduating from the least developed country (LDC) category.
Speakers at the event highlighted Bangladesh’s limited presence in the global halal products market. They said the global halal market is worth around $3 trillion, while Bangladesh’s participation remains below $1 billion. Despite significant potential, Bangladesh has been unable to establish a strong position in the sector due to inadequate policies, research, technology, skilled manpower and financing.
They said an integrated approach covering production, quality control, certification, exports and marketing would be necessary to increase Bangladesh’s share of the international halal market.
The speakers also highlighted complexities in the country’s current halal certification system. They said entrepreneurs face confusion and complications because both the Bangladesh Standards and Testing Institution (BSTI) and the Islamic Foundation currently issue halal certificates.
They proposed establishing an independent halal certification agency to make the certification process simpler, more transparent and compliant with international standards. Such an institution, they said, could help expand Bangladesh’s halal products in international markets and boost export earnings.
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