Bangladesh, Turkey move to fast-track FTA for trade, investment surge

Bangladesh has moved to fast-track negotiations for a free trade agreement (FTA) with Turkey, seeking to unlock greater market access, investment and industrial cooperation with the strategically important trading partner.

Commerce, Textiles and Jute and Industries Minister Khondker Abdul Mukaddir called for accelerating the stalled FTA process while urging stronger trade and investment ties between the two countries.

The issues came under discussion at a meeting between the minister and Turkish Ambassador to Bangladesh Ramiz Sen at the Ministry of Industries in Dhaka on Monday.

The meeting placed particular emphasis on giving fresh momentum to the proposed FTA, which Bangladesh sees as an important instrument for expanding exports and deepening commercial relations with Turkey.

The minister also expressed interest in holding a bilateral meeting with Turkey’s trade minister during his upcoming visit to the country. He plans to meet investment-related agencies as part of the visit to explore new opportunities for Turkish investment and business partnerships in Bangladesh.

Both sides expressed optimism that closer government-to-government and business-to-business engagement would further strengthen bilateral economic relations.

Beyond trade, Bangladesh sought to tap Turkey’s experience in managing hazardous industrial waste, particularly waste generated by the electronics and shipbreaking industries.

The two sides discussed the possibility of cooperation in developing and using specialised Treatment, Storage and Disposal Facilities (TSDFs) to ensure the safe treatment, storage and disposal of hazardous waste.

The issue assumes growing importance for Bangladesh as industrialisation, electronics use and ship recycling expand, creating mounting pressure for environmentally safe waste-management systems.

The Turkish side shared its experience in dealing with environmental challenges associated with industrial activities, while Bangladesh explored scope for technical and institutional cooperation.

The meeting also sought to widen business links in the fruit-import sector.

Bangladesh requested contact details of Turkish fruit-exporting companies so that the information could be collected and shared with Bangladeshi importers and businesses through the Ministry of Commerce.

The two sides also exchanged views on the leather industry, with the Turkish ambassador highlighting major changes in Turkey’s leather and tannery sector.

According to the ambassador, leather processing and tannery operations have declined in Turkey amid growing environmental concerns, while the use of synthetic leather and imports of raw materials have increased.

For Bangladesh, the experience could offer useful lessons as it seeks to expand its leather and footwear industries while addressing environmental and compliance challenges.

The Turkish ambassador also invited Bangladesh to participate in the forthcoming ministerial conference of the Standing Committee for Economic and Commercial Cooperation of the Organisation of Islamic Cooperation (COMCEC), along with the World Halal Industrial Summit and Halal Expo.