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UK, Bangladesh Collaborate on New Trade Opportunities
British High Commissioner to Bangladesh Sarah Cooke on Monday said the United Kingdom (UK) is working with Bangladesh to unlock new trade opportunities, support business-friendly reforms and connect UK buyers with high-quality Bangladeshi products.
“Export diversification is crucial for Bangladesh for sustainable economic growth,” said the High Commissioner who together with Special Envoy to the Chief Adviser Lutfey Siddiqi visited Cupcake Exports Ltd, a soft toy manufacturer that exports to the UK, in Ghorashal.
She said the UK’s Developing Countries Trading Scheme enables Bangladeshi businesses like Cupcake Exports export to the UK market with zero tariffs. “It benefits consumers in the UK by bringing down the price of goods.”
During the visit, the High Commissioner and the Special Envoy saw the production of toys and spoke to the workers and management of the company.
They discussed the opportunities and challenges of diversifying Bangladesh’s export basket and entering the UK market.
Exporters of new products face considerable policy and administrative barriers within Bangladesh as well as challenges entering into new markets, according to the British High Commission in Dhaka.
The UK government is providing technical assistance to the government of Bangladesh to implement reforms to make it easier for firms to do business and export.
The UK will continue to work with Bangladesh to increase and diversify its exports and connect UK buyers with Bangladeshi exporters.
The UK government announced a further simplification of its Developing Countries Trading Scheme (DCTS) on July 10.
The new measures, which further simplify the rules of origin, make it even easier for Bangladeshi businesses to export to the UK.
It will enable Bangladesh to move up the exporting value chain and diversify into new products, helping to create jobs and reduce poverty.
The DCTS, which was launched in June 2023, is one of the most generous preferential trading schemes in the world, said the High Commission.
It provides duty-free access to the UK for all of Bangladesh’s exports, excluding arms, until 2029. After 2029, 98% of Bangladesh’s exports will continue to receive duty-free access under the Enhanced Preferences tier. This includes readymade garments, reports UNB.