EU exploring possibility of free trade agreement with Bangladesh: Michael Miller

The European Union wants to stand by Bangladesh even after its graduation from the least developed country list. At the same time, the bloc is also exploring the possibility of a future free trade agreement with Bangladesh. European Union Ambassador to Dhaka Michael Miller conveyed this.

Michael Miller spoke at a session of the fifth Bay of Bengal Conversation at the Pan Pacific Sonargaon Hotel in the capital on Sunday. He said the European Union no longer sees Bangladesh merely as a country that receives assistance. An opportunity has been created to build a partnership of mutual interest and benefit between the two sides on a larger scale.

He emphasised ensuring a balance between the interests of the two sides before discussions on a free trade agreement with Bangladesh. The European Union ambassador also noted that it is important to ensure equal business opportunities, or a 'level playing field', in such an agreement.

Michael Miller said the world is now much more uncertain than before due to geopolitical tensions, economic divisions, climate change and rapid technological change. In such a situation, the European Union's position in favour of international law, the UN Charter, human rights and rules-based trade has become even more important.

Highlighting Bangladesh's strategic importance, he said Bangladesh's importance is growing in South Asia, the Bay of Bengal and the Indo-Pacific region. The country is also advancing rapidly economically. At the same time, Bangladesh is going through an important stage of graduation from the least developed country list.

Michael Miller stressed strengthening the country's institutions for the success of a free trade agreement. He said it is necessary to ensure the rule of law, workers' rights, human rights, environmental protection and good governance. Alongside this, an independent oversight system and an environment of predictable decision-making for investors are also urgent.

In his view, building a skilled workforce, a green economy, finding new export markets and building reliable infrastructure are major challenges before Bangladesh. Progress in these areas will increase domestic and foreign investment as well as create employment opportunities for young people.

The European Union wants to bring technology, higher standards, long-term capital and innovation alongside increasing European investment in Bangladesh. Michael Miller said there is also an opportunity to use Europe's experience in public administration reform.

He said the European Union's 'Everything But Arms' trade facility has played an important role in Bangladesh's development journey. Now is the time to take the relationship between the two sides to a higher and strategic partnership.

The Centre for Governance Studies organised the fifth Bay of Bengal Conversation at the Pan Pacific Sonargaon Hotel in the capital under the slogan 'Power, Technology and Trust in a Newly Emerging World'. Prime Minister Tarique Rahman delivered the opening speech of the conference on Saturday.

Around 200 speakers, 300 delegates and more than a thousand participants from over a hundred countries joined the three-day conference. Former heads of state and government, ministers, diplomats, researchers, journalists, businesspeople, security experts, civil society representatives, innovators and young leaders participated in it. The conference will end on Monday.