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Seminar points to scope for more trade with Australia

Star Business Report
A seminar in Dhaka yesterday pointed out that the potential for trade between Bangladesh and Australia remains largely untapped mainly because of the lack of awareness of businesspeople of the two countries.
Bangladesh's energy crunch and relatively high tariff on some Australian goods also affect the prospect of enhanced bilateral trade, the speakers at the programme said.
“The biggest barrier to the trade between Australia and Bangladesh is lack of awareness,’’ said Peter Linford, senior trade and investment commissioner, Australian Trade Commission, South Asia.
Australian High Commission in Bangladesh and Australia-Bangladesh Chamber of Commerce and Industry organised the seminar at Lake Shore Hotel to discuss ways for strengthening the bilateral trade.
Data shows the Dhaka-Canberra trade rose 76 percent to AU$495 million (AUDI = USD 0.845688) in fiscal 2008-09fromAU$281 million a year ago.
During the period, Bangladesh's exports and imports grew 174 percent and 58 percent respectively with Australia enjoying a trade balance.
The discussants also pointed to the fact that Australia awarded duty- and quota-free benefit to Bangladeshi products since 2003 but exports from Dhaka have not increased to that extent until the year2007-08.
Australian High Commissioner in Bangladesh Justin Lee said, “Further efforts are needed to increase bilateral trade."
He said Australian buyers are showing interests in Bangladeshi products like garments.
“But the question is whether Bangladesh can increase and sustain supply in a new market like Australia," he said, pointing to Bangladesh's problems in electricity and energy.
He expected that a solution to infrastructure lacking and expansion of manufacturing base in Bangladesh would attract more buyers from Australia.
Citing high tariffs on Australian
items such as milk products, he said high tariff acts as disincentives to Australian goods. He also said various non-tariff barriers on food items also affect trade.
Annisul Huq, president of the Federation of Bangladesh Chambers of Commerce and Industry, invited Australian entrepreneurs to come to invest in improving infrastructure in Bangladesh.
He said Australia generates 77 percent of its electricity through coalbased power plants.
Huq also called on Bangladeshi manufactures to explore trade potentials with Australia, which imports US$ 192 billion a year.
“There is big cake and you have to go across the table with buyers,” he said, stressing a business-to-business connection to enhance exports.
Mizanur Rahman Shelley, a former minister and chairman of the Centre for Development Research Bangladesh, also spoke on the occasion.