Bangladesh's exports to the United Kingdom could reach $10 billion if the country increases its share of the UK import market from the current 0.49 % to 1 %, underscoring the potential for export diversification beyond readymade garments (RMG).
The opportunity was highlighted at a workshop titled "Exporting to the UK: Opportunities Beyond RMG", jointly organised by the Export Promotion Bureau (EPB), Dhaka Chamber of Commerce and Industry (DCCI) and the British High Commission in Bangladesh at the DCCI Auditorium in the capital today (14 October), said a press release.
Speakers at the workshop stressed the need to diversify Bangladesh's export basket, improve product quality, strengthen testing and certification facilities, ensure compliance with international standards and address tariff and non-tariff barriers to tap the UK market's potential.
DCCI President Taskeen Ahmed emphasised the importance of expanding exports beyond RMG through better product quality, standards compliance, certification, traceability, branding and market intelligence.
He also highlighted the need to make effective use of the UK's Developing Countries Trading Scheme (DCTS) and overcome trade barriers to strengthen bilateral trade and investment.
James Goldman, Acting High Commissioner of the British High Commission in Bangladesh, highlighted the longstanding partnership between the two countries, saying continued UK market access after Bangladesh's graduation from the Least Developed Country (LDC) category would provide businesses with the certainty needed to plan, expand and invest.
He encouraged Bangladeshi businesses to make greater use of the available opportunities in the UK market.
EPB Vice Chairman and Chief Executive (Additional Secretary) Mohammad Hasan Arif presented the keynote paper on UK market opportunities, focusing on export proliferation, diversification and higher-value non-RMG products.
He highlighted strong demand for processed food, pharmaceuticals, footwear and furniture in the UK market, noting that non-RMG products account for only around 6% of Bangladesh's merchandise exports to the UK.
He stressed the need to address non-tariff barriers, comply with UK regulatory and product standards, and strengthen testing, certification and production capacities to improve Bangladesh's export competitiveness.
A technical session on the DCTS was conducted by Ellie Parker, Regional Trade for Development Adviser for South Asia, Central Asia and the South Caucasus at the British High Commission.
The session discussed current and post-LDC graduation market-access opportunities under the scheme, practical guidance on claiming preferential tariff benefits and key considerations for Bangladeshi exporters seeking to enter or expand their presence in the UK market.
An industry-government panel discussion brought together representatives from customs, footwear and leather goods, seafood, agro-processing, packaging and other business sectors.
The panel discussed potential export opportunities, product preparation, effective use of DCTS preferences, export procedures and regulatory, technical and operational challenges faced by Bangladeshi exporters.
Participants also exchanged views during an interactive question-and-answer session on practical ways to improve access to the UK market.
The workshop underscored the importance of stronger collaboration among government agencies, the private sector and development partners to diversify Bangladesh's export basket, improve product competitiveness, ensure compliance with international standards and maximise preferential market-access opportunities ahead of LDC graduation.
DCCI Vice President Md Salem Sulaiman, members of the DCCI Board of Directors, EPB officials and representatives from public and private sector organisations were also present at the workshop.