Trade Relations Between Bangladesh
and the European Union

Bangladesh and the EU have shared a substantial trade relationship ever since their independence from Pakistan. The EU is one of the largest trading partners of Bangladesh where the total trade volume between the two is approximately €15 billion. This relationship was incepted in 1973, three years after the independence of Bangladesh has paved the way for the bilateral trade agreement. Currently, Bangladesh enjoys unilateral trade preferences by exporting apparel, textiles, and agricultural products to the EU. On the other hand, the EU exports machinery, vehicles, and chemicals to Bangladesh. In the present day, more than 50% of Bangladesh’s export revenue is directed towards the European Union. This substantial export volume is attributed primarily to the exceptionally favourable trade conditions provided by the EU, particularly through the “Everything but Arms” (EBA) scheme. 

The improvement in compliant business practices in Bangladesh has provided access to enter the EU market following GSP standards. While continuing with the title, manufacturing companies in Bangladesh mainly the Ready-made Garments industry have shown significant results in providing safe and sustainable units in their respective premises and at the same time increased wages. With such actionable progress, the EU has given Bangladesh an opportunity to export apparel to widen the reach for doing business in their region. This preferential treatment has boosted Bangladesh’s textile and apparel industry was valued at US$25.13 Billion in 2022, according to the United Nations COMTRADE database on international trade.

Source: https://www.rapidbd.org/bangladesh-eu-trade-and-economic-partnership

The EU has been a major development partner for Bangladesh, providing significant financial assistance for various projects in sectors such as education, healthcare, and infrastructure development. This cooperation has helped Bangladesh make progress in achieving its development goals and also aided in achieving the title “Digital Bangladesh” –

The European Union has been actively engaged in Bangladesh since 2002, focusing on disaster readiness and immediate response efforts. To date, they have allocated a substantial sum of over €397 million for these initiatives. EU humanitarian assistance plays a crucial role in delivering life-saving aid to nearly one million Rohingya refugees residing in Cox’s Bazar and Bhasan Char camps and settlements. Additionally, the assistance extends to the vulnerable host communities in Cox’s Bazar, ensuring they also benefit from EU aid.

The trade relations between Bangladesh and the European Union have strengthened significantly over the years, with both parties benefiting from this partnership. Bangladesh’s continued commitment to diversifying its exports can further enhance its trade relations with the EU. As the EU emphasizes sustainability and responsible business practices, it provides an opportunity for Bangladesh to align its economic activities with these principles, fostering a more balanced and mutually beneficial trade relationship.

Paris, France

October 23, 2023

Toulouse, France

October 25, 2023

Berlin, Germany

October 30, 2023

Frankfurt, Germany

November 01, 2023

Brussels, Belgium

November 03, 2023

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Trade And Investment Relations Between Bangladesh And The European Countries

France

Germany

Belgium

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