By: Dr Mohammad Asaduzzaman
In order to strengthen Bangladesh’s relationship with the D-8 member nations and foster a spirit of multilateral collaboration, Chief Adviser (CA) Prof. Muhammad Yunus visited Egypt on December 19 and 20 to attend the 11th Developing-8 summit. Members of the D-8 economic group include Iran, Malaysia, Nigeria, Pakistan, Bangladesh, Egypt, Indonesia, and Turkey.
It was founded in 1997 in Istanbul. The D-8 is a potent forum for diplomacy and collaboration between regions. Prominent figures such as Iranian President Masoud Pezeshkian, Turkish President Recep Tayyip Erdogan, Indonesian President Prabowo Subianto, Pakistani Prime Minister Shehbaz Sharif, and Egyptian President Abdel Fattah el-Sisi also joined the summit. The goals of the summit were to discuss ways to increase trade, investment, exports, and economic cooperation among members.
Through bilateral and international involvement within the D-8 framework, Yunus’ participation demonstrates Bangladesh’s determination to play a significant role in this regional cooperation framework for shared prosperity in the face of the current global crisis and the geopolitical environment.
At this time of crises in the Middle East and some member countries, high-level meetings are imperative because it brings together leaders and high-officials to fortify economic cooperation and lay out a common vision for resolving crises in member states and paving the way for sustainable development among them. There is a greater need for Muslim nations to stand together. The bloc wants to grow stronger and more advanced and promote the execution of pertinent plans and initiatives to help fulfill the economic prosperity of the member countries and UN’s 2030 sustainability objective.
The eight Muslim nations that make up the majority of the world’s population founded the D-8 with the goal of boosting trade and business between them while also strengthening friendships in order to raise the socioeconomic standing of their citizens. Regarding the Muslim ummah’s problems, Bangladesh consistently supports the Muslim nations on issues of justice, whether it be the Middle East or Gaza. Bangladesh also expects further D-8 assistance in resolving the Rohingya refugee situation.
All things considered; the current D-8 summit has opened up a fresh avenue for bilateral talks with Bangladesh on how to address the Rohingya crisis. It has also helped identify alternate solutions for trade, food, and energy problems, as well as initiatives to eliminate market uncertainty worldwide. The D-8 and the Muslim nations ought to keep helping and working with the Rohingya.
On the sidelines of the summit, Dr Yunus met with the leaders of member nations and participating foreign delegations on the sidelines in an effort to strengthen Bangladesh’s relationship with these international partners.
In light of the South Asian regional scenario and India’s hegemonic attitude toward Bangladesh, Yunus’ attendance at the summit and strengthening Bangladesh’s relations with these other nations was extremely important for commercial relationships as well as Bangladesh’s international involvement and vibrant diplomatic dance. Bangladesh might have several options to diversify its trade mechanisms and lessen its reliance on certain export commodities thanks to Dhaka’s growing economic relations and cooperation with D-8 countries.
Given Bangladesh’s growing significance on the international and regional stage as a politically and economically stable nation within the South Asian geopolitical environment, these nations’ strong foreign direct investment can help Bangladesh realize their full potential for prosperity. Investors from the D-8 member nations may find Bangladesh’s 100 Economic Zone as a viable destination of safe investment.
Bangladesh strengthens its diplomatic efforts to cement the relations amongst the individual member nations. Bangladesh is well-positioned to expand its commercial and trade prospects with other members.
The recent political shift in Bangladesh has already ushered in a new age of economic diplomacy in South Asia, particularly between Pakistan and Bangladesh. Bilateral trade between Bangladesh and Pakistan was just around $1 billion in 2021, although given the two countries combined economic size and economic complementarities, this amount ought to be far larger.
The October visit of Malaysian Prime Minister Anwar bin Ibrahim to Bangladesh was a major development for Bangladesh’s labor market expansion and commercial relations with Malaysia. Iran and Bangladesh are eager to expand their bilateral ties with Bangladesh in a number of fields, such as trade and business, culture, energy, health, and education. In the upcoming year, Nigella World, a Turkish behemoth in natural health and safe food products, plans to spend $10 million in Bangladesh’s agro-tech industry.
The present value of commerce between Bangladesh and Turkey is $1 billion, with plans to increase it to $3 billion soon. The country’s trade and investment environment would benefit from Nigella World’s debut in the Bangladeshi market. Large amounts of Bangladesh’s frozen food, shrimp, and mouthwatering mangoes are shipped to other nations, especially Europe, which has a lot of potential in Egypt.
The Preferential Trade Agreement, which was signed by all members of the -8 Trade Ministers at the 5th D-8 Summit in Bali in 2006, must be fully implemented in order to address the global economic crisis and guarantee shared economic prosperity through increased bilateral trade and investment. The D-8 Decennial Roadmap for 2020–2030 and the Dhaka Declaration 2021 are in line with the collaboration in the following areas: commerce, agriculture and food security, industrial cooperation and SMEs (small-and-medium-sized companies), energy, transportation and connectivity, tourism, and health. This Halal food market will be more accessible to Bangladesh and other D8 nations.
According to a 2021 estimation, the nations in this alliance had a combined GDP of almost $4.4 trillion and a total population of 1.16 billion. The intra-trade was $136 billion. The combined trade of the D-8 nations was 2.44 trillion US dollars, or 9% of global trade. The goal of the alliance is to raise intra-trade among the D-8 nations to at least 10% of overall commerce, or $500 billion, by 2030. The current value of commerce between the D-8 nations is $170 billion. Enhancing free trader activities and creating a free trade zone are necessary to achieve the aim.
Thus, experts believe that the D-8 large market is a desirable substitute market area for Bangladesh’s growing ready-made clothing export industry. However, Bangladesh has long prioritized economic diversification, and more commerce with the D-8 member states might provide it the chance to broaden its traditional bases and investigate new export markets. Engagement with D-8 countries offers new avenues for market diversification and economic restructuring, given the country’s expanding potential in textiles, apparel, agricultural goods, medicines, and leather exports.
The writer is Professor, Department of Linguistics, University of Dhaka and Director, International mother language institute
