B Mirror Report: Chief Adviser Professor Muhammad Yunus on Tuesday called for the swift initiation of Free Trade Agreement (FTA) negotiations with the European Union, highlighting the importance of safeguarding Bangladesh’s preferential access to its largest export market once current duty-free benefits expire in the coming years.

He made the remarks during a meeting with Nuria Lopez, Chairperson of the European Chamber of Commerce in Bangladesh (EuroCham), at the State Guest House Jamuna, according to the Chief Adviser’s Press Wing.

European Union Ambassador to Bangladesh Michael Miller also attended the meeting.

The discussion focused on accelerating European investment in Bangladesh, strengthening trade relations between the two sides, and implementing further reforms to improve the country’s business environment. The upcoming national elections and the role of international observers were also on the agenda.

Professor Yunus said the interim government had recently finalised an Economic Partnership Agreement (EPA) with Japan, ensuring duty-free access for over 7,300 Bangladeshi products to the world’s fourth-largest economy.

He added that Bangladesh is preparing to engage in similar trade negotiations with other partners, including the EU, to secure long-term duty-free entry for its exports particularly ready-made garments into European markets.

“The agreement with Japan has created new opportunities for our exports. We are optimistic about concluding an FTA with the European Union to further expand our trade reach,” Yunus said.

EuroCham Chairperson Nuria Lopez stressed the urgency of beginning FTA discussions, noting that Bangladesh may lose its current trade preferences in the EU after graduating from Least Developed Country (LDC) status.

She said an FTA would help attract greater European investment, generate employment, and increase exports to developed markets. Lopez also pointed out that India is moving toward an FTA with the EU, while Vietnam already enjoys preferential access under an existing agreement.

“We are actively advocating for an FTA. I plan to engage European companies to encourage investment in Bangladesh,” she added.

EU Ambassador Michael Miller said Bangladesh’s trade relationship with the EU will evolve following LDC graduation, though no major changes are expected before 2029.

He reaffirmed the EU’s interest in bringing European technology and investment to Bangladesh, describing the country as a key market of nearly 200 million people. He also mentioned plans to organise an EU-Bangladesh Business Forum in 2026.

“We are seeking early political signals that European firms will be welcomed and treated fairly,” Miller said.

Professor Yunus further highlighted opportunities for factory relocation to Bangladesh, citing the country’s skilled workforce and competitive labour costs.

“We are developing a free trade zone to transform Bangladesh into a global manufacturing hub. We welcome increased European participation,” he said.

The Chief Adviser also welcomed the EU’s decision to deploy a large team of election observers for the upcoming general elections and referendum, calling it a strong sign of confidence in Bangladesh’s democratic renewal.

“It is encouraging to have EU observers present. The overall election atmosphere has been very positive,” he added.

Lamiya Morshed, SDG Coordinator and Senior Secretary, was also present at the meeting.