Bangladesh needs to sign a Free Trade Agreement (FTA) with the UK if it hopes to increase bilateral trade and private sector investment between the two countries, according to various local businessmen. The UK is Bangladesh's third-largest export destination with last year's shipments amounting to nearly $3.5 billion, of which garment items accounted for more than 93 per cent. In fiscal 2018-19, Bangladeshi exports to the UK totalled $4.8 billion. However, the ongoing coronavirus pandemic has disrupted trade between the two countries. Aside from being a major export destination, the UK acts as a hub for Bangladeshi shipments to other parts of Europe. Besides, the UK provides a considerable about of foreign direct investment (FDI) for Bangladesh as more than 200 British companies currently have $2.5 billion invested in the country. It is for these reasons and the significant historical relationship between the two nations that the UK is an integral part of Bangladesh's global trade. More than seven lakh Bangladeshis now reside in the UK for education or business-related purposes if not as naturalised citizens. Subsequently, a large number of citizens of Bangladeshi origin are involved in important business and political procedures in the UK and so, the island nation has turned into a very important trade partner for Bangladesh. Since the Bangladeshi population in the UK is quite considerable, the demand for local food items like rice, fruits and fish has risen there. And so, the time has come to sign an FTA with the UK so that Bangladesh can take full advantage of any potential business deals when Britain exits the EU trade bloc at the end of the year. Although the British government has already assured that Bangladesh will continue to enjoy zero-duty benefits even after Brexit due to its status as a least-developed country, local businessmen want the two nations to sign an FTA to secure future benefits. "We have to diversify our exports to the UK. Pran has been active in the UK and other foreign markets for many years now," said Ahsan Khan Chowdhury, chairman and chief executive officer of Pran-RFL. The demand in the UK for his company's products such as bread, biscuits and other locally produced food items is on the rise due to the massive ethnic diversity present there. Moreover, Bangladesh is the highest bicycle supplier to the UK, he said, adding that Pran-RFL exports 40,000 units to the UK every month. "Therefore, we need signing an FTA with this vital market," he said at a virtual discussion on 'exploring trade and FDI opportunities with the UK', organised by the Dhaka Chamber of Commerce and Industry (DCCI). Faraaz A Rahim, executive director of Rahimafrooz Storage Power Business, relayed his company's success story of exporting batteries to the UK. "We have enough scope to widen our exports to the UK. Apart from apparel items, my company's success in exporting batteries is an example. So, we need to form a strategic partnership with the UK soon." Besides, creating a platform for battery manufacturers and trading partners of Bangladesh and the UK is essential to increasing outgoing battery shipments. As it stands, the global market for batteries is currently worth more than $59 billion, which leaves plenty of room for Bangladesh to grab a greater share, Rahim added. Very few local companies export pharmaceutical goods to the UK even though the demand for cheap medication is very high there, said Abdul Muktadir, chairman and managing director of Incepta Pharmaceuticals. Similar to other products, the UK could act as a bridge for Bangladeshi pharmaceuticals to reach other European countries as the country's Medicines and Healthcare products Regulatory Agency (MHRA) is well recognised in the region. If Bangladesh's pharmaceuticals companies are registered with the MHRA, it will take Bangladesh's drug manufacturing sector to new heights. After Incepta was registered with the MHRA, buyers in the UK pai