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The ancient gracious bilateral relationship between.docx

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  The ancient gracious bilateral relationship between Bangladesh and Canada has much contributed to an increased and increasing trade relation between them. Economic cooperation and advancement of existing commerce and trade are the focus of this bilateral relation. Bangladesh exports RMG, Plastic Items, Footwear, Frozen Fish, Headwear, Ceramic Products, Furniture, Toys, etc. to Canada. Bangladesh imports Cereals, Edible vegetables, roots and tubers, Iron and steel, Fertilizers, Oil seeds and misc. fruit, grain, Boilers, mechanical appliances, Zinc and zinc articles etc. from Canada. Bangladesh is the second-largest importer of Food Grains from Canada. Canada's potential imports from Bangladesh can be Leather goods, medicine, IT etc. According to the Economic Diplomacy Policy of People's Republic of Bangladesh, this country is trying to boost up trade relationship with Canada. Therefore, Bangladesh is arranging B2B (Business-to-Business) meetings, participating Trade Fairs etc. Through Trade Diversification, Bangladesh is trying to reinforce Foreign Direct Investment from Canada. Bangladesh is getting the benefit of GPT facility with Canada in the RMG and Apparel sector (General Preferential Tariff) since 2014. This GPT facility ensures the duty-free, quota free access- DFQF. Bangladesh will enjoy this facility upto December 31, 2023. Therefore, Bangladesh is trying to facilitate trade and reinforce FDI from Canada. Bangladesh’s  very liberal invest policy and its keen interest on the development of the infrastructure building have opened new horizon of opportunities to Canadian firms. There are many potential areas for the Canadian firms: shipbuilding, agro-processing, engineering services, renewable energy, IT and telecommunications, and hospitality sectors. Moreover, Blue Economy of Bangladesh has opened new scope of immense  opportunities for the foreign firms. Here are a few recommendations for the Chamber of Commerce The ongoing negotiation topic between Bangladesh and Canada is FIPA (Foreign Investment Protection Agreement). After implementation, this FIPA will be a real catalyst of bringing FDI from Canada to Bangladesh and vice-versa. Other than paving the way for more bilateral trade between the two countries, this agreement will enhance people-to-people contact in the upcoming days.    Bangladesh and Canada are currently negotiating on Foreign Investment Protection Agreement (FIPA), which would help bring more investments that are direct from Canada to Bangladesh. Once implemented, this will pave the way for more bilateral trade between Bangladesh and Canada as well as enhance people-to-people contact in the days to come. The chamber needs to start talks with the Federal Government to have a quick development in the issue.
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