Dhaka: Bangladesh and Australia today signed the trade and investment framework arrangement (TIFA) to attract investment and remove trade barriers between the two countries through discussion. Accordingly, Bangladeshi Commerce Minister Tipu Munshi and his counterpart Australian Minister for Trade, Tourism and Investment, Dan Tehan have signed a framework on trade and investment between the two countries, the Ministry of Foreign Affairs in Dhaka said in a statement on Thursday.
The Trade and Investment Framework Arrangement, the first of this kind between Australia and Bangladesh in the last fifty years, is expected to provide a platform for institutionalized economic interactions and to open newer opportunities for trade and investment between the two countries, according to reports. It said a joint working group is expected to offer a mechanism to take forward discussion to realize full potentials of trade and investment. A Joint Working Group (JWG) will be formed under TIFA, with due representations from relevant sectors and sub-sectors, according to a statement from the Bangladeshi high commission in Australia. A big investment team from Australia is scheduled to visit Bangladesh in the first part of next year, according to reports.
This is the second such bilateral trade-related platform for Bangladesh as the country also signed the Trade and Investment Cooperation Forum Agreement with the USA in November 2013.