Australia Bangladesh Relation

Australia Bangladesh Relation

Australia was among the first countries in the world to recognize Bangladesh after it achieved independence in 1971. Australia and Bangladesh are old friends, sharing Commonwealth ties, democratic traditions and people-to-people links.
Almost 30,000 Bangladeshi-born people live in Australia, and the community has been growing strongly during recent years. The personal ties between Australia-Bangladesh, forged by family, business, education — and by two countries shared love for cricket — are striking.
The Relation between Australia and Bangladesh is growing continuously. Australia-Bangladesh two-way trade now stands at $2bn, reflecting Bangladesh’s significant economic growth and Australia’s highly complementary commercial strengths.
Australia is one of the important trading partners for Bangladesh with bilateral trade of over one billion US dollar annually. Two-way export and import linkages are the key elements in bilateral relationship between Bangladesh and Australia. Although balance of trade remains slightly in favors of Australia, the two-way trade is increasing steadily. Bangladesh enjoys duty and quota free access to the Australian since July 2003 subject to the fulfillment of Rules of Origin (RO) criteria.
Bangladesh’s export to Australia mainly consists of readymade garments, woven fabrics, knitwear, textile manufactures, home textile, leather goods and footwear, processed food, fish, jute goods etc. Major Australian export consists of wheat, vegetables, lentil and pulses, milk cream and other dairy products, cotton, fertilizers, oil seeds, primary plastic products, machinery and transport equipment, scraps and some other industrial raw materials.