Trade Relation Between Bangladesh and UAE

Driven by political, financial and social relations, the UAE possesses a significant role in
Bangladesh foreign policy. Moreover, the UAE was the principal Gulf nation to recognize
Bangladesh and build up formal diplomatic relations. Bangladesh and the UAE consented to a
cultural cooperation agreement in March 1978 and General Trade Agreement in 1984. To
support up financial cooperation, two agreements ( Agreement on the Avoidance of Double
Taxation, and Promotion and Reciprocal Protection of Investment) were endorsed in January
2011. Bangladesh and the UAE have likewise signed to an Air Services Agreement in October
2017. As of now, the UAE is a main trading partner and a significant source of investment for
Bangladesh in the Middle East. Two-way trade has altogether expanded in recent years and hit
$1.3 billion in 2019. The UAE likewise stays perhaps the main foreign investors in Bangladesh
with about $7.0 billion investment in power, energy, ports, manpower and infrastructure areas.
There are more than 700,000 Bangladeshi unskilled and skilled laborers live and work in the
UAE in various occupations and are adding to the monetary advancement of both the nations.
The principal exports of Bangladesh to the UAE are readymade clothing, frozen fish knitwear,
vegetables, organic juice, tea, flavors, cables, melamine silverware, jute items and so on. Then
again, Bangladesh imports unrefined petroleum and other oil-based goods from the UAE.
Bangladesh extended the Visa On Arrival (VOA) policy to UAE in 2014. A Joint Economic
Commission was also settled to audit monetary collaboration. Considering the difficulties facing
the two nations from Covid-19 and environmental change and the opportunities they offer new
territories are being set apart for growing close collaboration and partnership. The UAE has
arisen as one of Bangladesh's most significant trading and economical partners. The relationship
has been growing and is probably going to push ahead consistently in the coming years.