Dhaka, 16 September 2021 (TDI): Bengali Commerce Minister, Tipu Munshi and his Australian Counterpart, Dan Tehan signed a Framework Agreement. This agreement was signed to boost economic ties.
The trade and investment framework agreement (TIFA) will provide a platform for institutionalized economic interactions. It will open doors for trade and investment. A joint working group (JWG) will be formed under TIFA. Also, forward discussion to realize fuller potentials for trade and investment. Moreover, Bangladesh is one of the major suppliers of manufactured goods to Australia.
Bilateral trade between Bangladesh and Australia has grown six times over the past decade. TIFA is not a legally binding agreement but it can facilitate trade and investment. It will open new ventures for new tradeable items on both sides. Minister Munshi invited his Australian counterpart to visit Dhaka soon. Minister Tehan showed gratitude and accepted the invitation.
