Australia to continue providing ‘DFQF’ market access for BD

FE Team | Published: July 22, 2023 21:47:59

Australian Assistant Trade Minister Senator Tim Ayres assured on Saturday that his country would continue to provide 'Duty-Free Quota-Free' (DFQF) market access for Bangladesh in Post- LDC period, reports BSS.
"Graduation from LDC status would not make any changes to existing Duty Free Quota Free access of Bangladesh's products to Australian market" he said in a meeting with Bangladesh High Commissioner to Australia M Allama Siddiki at the Commonwealth Parliamentary Office in Sydney.
Faruque Hassan, BGMEA president was present during the meeting.
Siddiki briefed the minister on the impressive socio-economic progress of Bangladesh in the last decade underpinned by success of agriculture and apparel sectors, remittance and macroeconomic as well as political stability.
He appreciated Australia's growing interest in Bangladesh and highlighted opportunities in goods such as cotton, wool, LNG and minerals and services such as Fintech, ITES and education and skill development for further bilateral trade and investment.
He invited a business delegation led by the Minister Ayres to Bangladesh to explore the opportunities in bilateral trade and investment.
Faruque Hassan highlighted the transformation in the apparel sector of Bangladesh in terms of sustainability, energy efficiency and well being of the workers.
He spoke of the reforms that took place in the RMG sector over the years and BGMEA's vision of achieving ESG by setting up more green factories and ensuring gender equality, inclusiveness, and a decent workplace by 2030.
Ayres referred to Bangladesh as Australia's important partner and expressed keenness to enhance bilateral economic engagement.
He acknowledged progress made in the Apparel sector of Bangladesh and strong business relations between the Australian retailers and Bangladeshi manufacturers which are contributing to diversify the industry and product range in Australia.
He added that labour rights, trade union and sustainability are important factors for Australian businesses and the government to engage with foreign partners.
He showed interest to further link up the Australian wool and cotton industry with relevant Bangladesh counterparts to spur growth in trade.
He expressed interest to explore ways to take forward the Trade and Investment Framework Arrangement signed in 2021 between Bangladesh and Australia to the next level.
An 11-member delegation led by President BGMEA is visiting Australia and held the Bangladesh Apparel Summit supported by the High Commission on 18 July 2023 in Melbourne.
In addition, the High Commission in association with the Consulate General in Sydney organized a session today for BGMEA delegates to highlight the strength of Bangladesh Apparel Industry in relevant businesses in Sydney.
A number of 35 attendees including Australian buyers, brands and industry representatives were present during the interactive session.