Economy
Bangladesh, UK Set to Elevate Bilateral Ties through Strategic Dialogue in Dhaka
Bangladesh and the United Kingdom (UK) are gearing up for their upcoming strategic dialogue, scheduled to take place in Dhaka during the second week of September. Officials from both nations are actively collaborating on shaping the agenda for this pivotal discussion, with a significant inter-ministerial meeting projected for August 27.
The anticipated strategic dialogue, slated for September 12 as confirmed by an official source, is poised to encompass a wide spectrum of bilateral relations. These encompass vital areas such as trade and investment, political and diplomatic ties, global and regional concerns, economic partnerships, developmental endeavors, as well as security and defense collaboration.
This diplomatic interaction holds special significance as it marks the fifth instance of such exchanges between Bangladesh and the UK. In the most recent edition of this dialogue, held in London back in 2021, the UK underscored its unwavering commitment to assisting Bangladesh in achieving a seamless transition to a new phase of development. One of the key highlights of this commitment was the UK’s pledge to extend duty-free, quota-free access to its market until 2029, aiming to facilitate Bangladesh’s export-led growth.
Another critical facet of this evolving partnership is the UK’s groundbreaking initiative, the Developing Countries Trading Scheme (DCTS). This groundbreaking trade scheme, effective since June of this year, stands to simplify trading regulations and reduce tariffs on products entering the UK from 65 developing countries, including Bangladesh. In doing so, the DCTS is projected to stimulate trade, foster employment opportunities, and propel sustainable economic advancement. The UK government has expressed its confidence that the DCTS will not only invigorate trade but also reflect the UK’s steadfast commitment to a modern, mutually beneficial collaboration with Bangladesh.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
