Bangladesh to get duty-free access to Australian market

Bangladesh is going to graduate from LDC category in 2026 and even after that the country will get duty-free access to Australian market in view of the prospects of higher trade and investment flow.

Australian High Commissioner to Bangladesh Jeremy Bruer informed his government's decision to BGMEA President Faruque Hassan. A BGMEA delegation visited the Australian High Commission and had a courtesy meeting with the High Commissioner_ a press release said.
 
Australia has emerged as a prospective destination for Bangladeshi ready-made garments (RMG) in recent years_ as shipments increased to $812mn in the financial year 2021-22_ marking a 12% growth over FY 2020-21_ according to the Export Promotion Bureau (EPB).

Australia is now 12th largest country for Bangladesh's RMG exports destinations across the globe. It is now the second largest RMG grossing nation among the non-traditional markets (destinations excluding EU_ US_ UK and Canada).

Faruque Hassan lauded the Australian government's decision to continue duty-free market access for Bangladeshi products. He said that it would support the country to maintain its momentum of economic growth even after the LDC graduation in 2026.

The BGMEA president hoped that the friendly support of Australia for development of Bangladesh would continue in the coming years also.

The BGMEA leaders expressed Bangladesh's interest in importing more cotton and wool from Australia to meet growing demand of the local RMG and textile industry.

They sought cooperation of Australia in developing knowledge and skills of the students of BGMEA University of Fashion and Technology (BUFT) in textile_ apparel_ fashion_ design and business through collaboration with leading Australian universities and fashion institutes.