In present situation, Bangladesh and Singapore are looking to boost their bilateral trade and investment through a free trade agreement (FTA).
As Bangladesh was the fifth largest apparel supplier for Singapore, but due to COVID the inbound shipment has not recovered yet, so FTA may boost the trade opportunity for both countries.
With the aim of boosting trade relations, Singapore and Bangladesh will begin negotiations, and Singapore’s officials will visit Bangladesh to sign a memorandum of cooperation (MoC) in this connection.
Earlier this year, Singapore imported apparel worth $127.338 million in 2021 from Bangladesh which was slightly higher than the inbound shipment of $122.098 million in 2020.
And before the pandemic, the country had imported apparel worth $196.576 million in 2019, $234.921 million in 2018 and $223.005 million in 2017.
Bangladesh amounted to $116.272 million in the first nine months of 2022, and monthly imports stood at $9.720 million in September, $23.109 million in August, $10.861 million in July and $11.5000 million in June 2022, which is total $1727.052 million in January-September 2022.