Bangladesh and Singapore Plan Stronger Ties Through Free Trade and Cooperation
On Monday, 14 April 2025, the fourth Foreign Office Consultation (FOC) between Bangladesh and Singapore was held in Singapore. During this important meeting, both countries agreed to work closely together on several key issues to improve their relationship and future cooperation.
By 2026, a free trade agreement will be implemented
Both countries reaffirmed their commitment to completing a free trade agreement (FTA) by 2026. This deal will help to reduce trade barriers like tariffs and make it easier to conduct business between the two countries.
They also agreed to work together on:
- A customs cooperation agreement
- An updated double taxation agreement
- A mutual legal assistance agreement for criminal matters
- A tourism cooperation agreement
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Leaders at the Meeting
The Bangladesh team was led by Foreign Secretary Md. Jashim Uddin, and the Singapore team was led by Permanent Secretary Luke Goh from Singapore’s Ministry of Foreign Affairs.
The summit covered a variety of themes, including trade and investment, energy, the digital economy, health, agriculture, waste management, tourism, and human resource development. They also spoke on regional and global topics such as climate change and migration.
Promoting Bangladeshi Products
Foreign Secretary Jashim Uddin talked about Bangladesh’s high-quality products such as garments, medicine, leather goods, ceramics, jute products, and footwear. He invited Singaporean businesses to invest more in these areas to create balanced trade between the two countries.
Increased Investment and Technology Sharing
He also encouraged Singaporeans to invest in Bangladesh, particularly in the energy industry and economic zones. They talked about potential cooperation in agriculture technologies, farming logistics, contract farming, and tourism infrastructure.
Support for Bangladeshi Workers
Both parties acknowledged the contributions of Bangladeshi workers in Singapore. They discussed increasing cooperation in training and skills development to improve the Bangladeshi workforce.
Bangladesh also requested Singapore’s assistance with a waste-to-energy project as part of its long-term energy objectives.
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ASEAN and Regional Cooperation
Bangladesh thanked Singapore for supporting its effort to become a Sectoral Dialogue Partner of ASEAN and showed interest in joining the ASEAN Free Trade Agreement (AFTA) and the Regional Comprehensive Economic Partnership (RCEP).
They also discussed regional topics like climate change, migration, and the current situation in South and Southeast Asia.
Closing and Future Plans
The meeting concluded with Bangladesh’s Foreign Secretary thanking the Singapore government for its kind hospitality and inviting the Singapore team to visit Bangladesh for the next FOC meeting.
Conclusion:
This meeting was an important step in building a stronger partnership between Bangladesh and Singapore. It is expected to bring more trade, investment, and cooperation in many areas.
Source: TBS
