New Zealand has assured Bangladesh that duty-free and preferential market access for Bangladeshi products will continue even after the country graduates from the least developed country (LDC) category, offering significant support to Dhaka’s export sector during the transition period.
The assurance came during a meeting between Commerce Minister Khandakar Abdul Muktadir and New Zealand’s non-resident High Commissioner to Bangladesh David Pine at the Secretariat in Dhaka on Sunday.
According to a statement issued by the commerce ministry, both sides also discussed the possibility of signing a bilateral trade agreement, including a Free Trade Agreement (FTA), to strengthen trade relations and encourage investment between the two countries.
Commerce Minister Muktadir stressed the importance of investment growth and employment generation for ensuring a smooth and sustainable LDC graduation process. He noted that maintaining the competitiveness of Bangladesh’s garment exports and securing preferential market access for apparel products remain crucial priorities for the country.
The minister also requested New Zealand to encourage its investors to explore opportunities in Bangladesh, saying the government has introduced several measures to improve the business climate and simplify investment procedures.
David Pine said export diversification and diversification of import sources have become increasingly important in the current global economic environment. He added that enhanced bilateral trade could bring mutual benefits to both countries.
The New Zealand envoy reaffirmed his country’s commitment to ensuring uninterrupted preferential and duty-free access for Bangladeshi goods after LDC graduation. He also highlighted New Zealand’s reputation for producing safe, high-quality and non-genetically modified products, expressing interest in building a stable and long-term trade partnership with Bangladesh.
Bangladesh is scheduled to graduate from the LDC category on 24 November this year, although the government has requested a three-year deferment until 2029 to allow more preparation time.
Several countries, including the UK, Canada and Australia, have already indicated that they will continue preferential market access for Bangladeshi exports after graduation. Bangladesh has also intensified diplomatic efforts to secure trade agreements with key partners to protect its export earnings in the post-LDC era.
Experts warn that Bangladesh could face annual export losses of around $17.5 billion after graduation, as nearly three-quarters of its exports currently benefit from LDC-related trade preferences.
