Australia-Bangladesh trade grows

Australia Bangladesh Chamber of Commerce and Industry has launched a membership drive, inspired by the growing two-way trade within a decade of its formation.

Together with the Australian High Commission in Dhaka, it has invited applications for membership from companies involved in trade and investment between Australia and Bangladesh.

The High Commission in a media release said that when the bilateral chamber was formed a decade ago, the two-way trade was around AUD 160 million and heavily in favour of Australia.

But now the High Commission said the two-way trade has crossed AUD 1 billion mark with 450 million accruing from Bangladesh’s exports.

To further promote the economic ties, the bilateral chamber wants its membership “to reflect the considerable substance and promise of the trade and investment relationship, in commodities, energy, garments, construction and other sectors”.

The High Commission, however, did not mention the number of its current members.

Companies can express their interest to become a member to the Chamber by Sep 30, stating their involvement and interest in bilateral business, it said.

Australia extended duty-free market access to Bangladesh in 2003, which is believed one of the reasons of growing bilateral trade.