Dhaka looks for global integration to expand trade

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FE ReportbrBangladesh looks for global integration right this moment as the country wants to expand its trade volume with dominating developed countries in the coming years, the commerce adviser said Tuesday.brOur purpose is to integrate globally as we need to utilise the trade benefits from dominating markets of the world, Commerce Adviser Hossain Zillur Rahman said while speaking at a seminar titled ' An EU Perspective of Regional Integration' organised by the Bangladesh Foreign Trade Institute (BFTI) in the city on the day.brForeign Secretary Touhid Hossain, Commerce Secretary Feroz Ahmed, President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Anwar Ul Alam Chowdhury Parvez and Executive Director of Centre for Policy Dialogue (CPD) Mustafizur Rahman, among others, spoke at the seminar where Ambassador of the European Commission in Dhaka Stefan Frowein presented the keynote paper with Professor MA Taslim, chief executive officer of BFTI, in the chair.brUtilising preferential trade benefits from the developed countries in the Europe and the USA, our garment industry achieved a tremendous success.brHe said the second purpose of integration is to create new markets in emerging countries like Malaysia, Turkey and others.brWe need to ensure our access aggressively to the markets of these emerging countries as their equal partners, he added.brThe commerce adviser also stressed the need for regional integration saying it is imperative for the country to boost trade, commerce and investment further with the sub regional nations.brWe need to reap benefit of regional opportunities also, said he referring to the development works in northeast India.brHe said a link between South China and South Asia via Myanmar connecting Chittagong will open a new avenue for opportunities.brAt the end of the discussion I would say that domestic policies are important to make ourselves competent partner in the global market.brPresenting the keynote paper, Mr. Frowein said I would argue, though political commitment is a necessary but not sufficient condition for integration to sustain over the long term, there must also be a legal structure.brThe EU certainly would not have come as far if it did not create legally binding instruments that were enforceable in court.brHe further said I think the EU's experience highlights the possibility of using economic integration as a means to achieve broader objectives of stability and peaceful relation. I trust that this could be a recipe for success in other regions around the world also.brThere is a need for strong political will in some issues where the countries of the region will make their integrated efforts for reaping mutual benefits, the foreign secretary said.brThe commerce secretary said entire South Asia might suffer due to economic disparity between India and other countries in the region.brThe BGMEA president said political weakness is hindering making SAARC functional in the real sense for regional development.brHe, however, said the country should go ahead for bilateral free trade agreements with neighbouring India and Pakistan.brEarlier, replying to a question of the CPD Executive Director on EU's planned FTA with India earlier, Mr. Frowein said We don't think a bilateral agreement is the best option but signing multilateral agreements is difficult.br