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Comprehensive Economic Partnership and the Association of Southeast Asian Nations, he said.

Derek Loh, high commissioner of Singapore in Bangladesh, said the issue of signing the FTA between Bangladesh and Singapore was raised in June 2021.

Since then, a joint committee was formed and both countries held meetings and conducted a feasibility study so that the negotiations could begin, he said.

In 2022, both countries signed a memorandum of cooperation for boosting bilateral trade and commerce. So, the signing of the FTA between the two countries will be a win-win situation for both nations, he added.

The FTA is on increasing trade in areas like infrastructure, power, economic development, trade, investment, logistics and transportation, the high commissioner also said.

Lutfey Siddiqui, the chief adviser’s special envoy on international affairs, said the interim government has been continuing reforms to create an enabling investment environment.

The FTA will enhance bilateral relations in services and investment, he said. Also, this FTA will enable increased access to southeast Asian countries.

Both countries have strong economic fundamentals, including Bangladesh being the second-largest garment exporter and Singapore being one of the major global business hubs, he added.

Bangladesh imports capital machinery and intermediate goods worth $13 billion in a year and Singapore exports $220 billion worth of goods in a year, said Siddiqui.

Bangladesh exported garment items worth $35 billion last year and Singapore imported garment items worth $3 billion during this time.

Last year, Bangladesh exported garment items worth $200 million to Singapore and here is an opportunity for expansion of garment export from Bangladesh, he said.

Singapore can be one of the major sources for investment in Bangladesh in areas like power, energy, transport, logistics and significant people-to-people contact between the two countries, said Siddiqui.

The FTA signing will also increase foreign direct investment, technical cooperation and trade and overall cooperation between the two countries, he added. Bangladesh is scheduled to graduate from the LDC status to a developing nation in November 2026, he said.

But businesspeople want the graduation to be delayed as they need the continuation of the LDC trade benefits for some more years to gain competitiveness in global trade, he said.

In the last Ministerial Conference of the World Trade Organization (WTO) held in Abu Dhabi, the ministers decided to allow the continuation of the LDC trade benefits to the graduating LDCs for three more years.

But even in that case, the LDCs will have to hold bilateral negotiations to obtain preferential trade benefits.

The European Union will continue the LDC trade benefits for Bangladesh up to 2029, offering a three-year grace period to the graduating LDCs.

A few other countries like Canada, the UK, and Australia will also continue the LDC trade benefit for Bangladesh even after the graduation. Chowdhury Ashik Mahmud Bin Harun, executive chairman of Bangladesh Investment Development Authority, also spoke.