DCCI urges faster FTAs, stronger economic diplomacy

Dhaka Chamber of Commerce and Industry (DCCI) President Taskeen Ahmed on Tuesday urged the government to accelerate the signing of Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) with key trading partners and strengthen economic diplomacy to help Bangladesh remain competitive after its graduation from the Least Developed Country (LDC) category.

The call came during a courtesy meeting with State Minister for Foreign Affairs Shama Obaed Islam at the Ministry of Foreign Affairs in Dhaka.

During the meeting, Taskeen said the Foreign Ministry should play a more proactive role in facilitating trade agreements with countries that offer significant export and investment opportunities, according to a DCCI press release.

He stressed that Bangladesh must diversify both its export products and export destinations to effectively address post-LDC challenges, noting that Africa, South America and Southeast Asia present strong prospects for expanding trade and investment.

The DCCI president also highlighted the need to strengthen Bangladesh's economic diplomacy and suggested simplifying direct payment mechanisms to facilitate bilateral trade and investment with African countries, particularly in contract farming, information technology and agriculture.

State Minister Shama Obaed Islam said the government remains committed to pursuing trade agreements that would boost bilateral trade and investment with African nations and other promising markets.

She said closer collaboration between the government and the private sector would be essential to achieving better trade outcomes and enhancing Bangladesh's global economic engagement.

The state minister identified jute and jute goods, leather and leather products, pharmaceuticals, fruits and ceramics as Bangladeshi products with strong export potential in African markets, encouraging local businesses to explore those opportunities more actively.

She also underscored the importance of strengthening the capacity of the private sector to meet post-LDC challenges while promoting export diversification and market expansion.

DCCI Senior Vice President Razeev H Chowdhury, Vice President Md. Salem Sulaiman, Acting Secretary General Dr A.K.M. Asaduzzaman Patwary, and Director General (International Trade, Investment and Technology Wing) at the Ministry of Foreign Affairs Dr Syed Muntasir Mamun also attended the meeting, reports UNB.