Once Bangladesh graduates from the least developed country (LDC) status, its readymade garment exports to Canada are likely to face duty. The duty may be 17 per cent to 19 per cent. As of now Bangladesh’s exports are duty-free.
Bangladesh’s apparel exports to Canada witnessed a robust 33 per cent growth in fiscal 2022 after a 13 per cent growth in fiscal 2021.
Japan, Australia and Canada are three potential markets for Bangladesh beyond the traditional US, EU and UK markets.
Bangladesh’s imports from Canada are less compared to exports.Bangladesh and Canada may form a blue ribbon panel to explore possibilities of expanding trade and investment. The signing of a bilateral investment treaty between the two countries would go a long way toward increasing foreign direct investment from Canada to Bangladesh.
Sustainable economic growth, health, and education are the three areas Canada wants to work on in Bangladesh. The country is also working to strengthen garment worker safety in Bangladesh. Canada wants to expand in the services sector in Bangladesh, such as aircraft safety.
Canada is a country of some 37 million people, with French and English as official languages. It is a leading as well as growing trading partner of Bangladesh, providing export opportunities.
