Bangladesh and European union relations

The relationship between Bangladesh and the European Union (EU) is based on the Cooperation Agreement on Partnership and Development signed in 2001. This agreement covers a wide range of areas including human rights, democratic principles, and the rule of law.

Step 1: Historical Background The EU has been a key partner for Bangladesh since its independence in 1971. The EU, then known as the European Economic Community, was one of the first institutions to recognize Bangladesh as an independent country.

Step 2: Economic Relations The EU is Bangladesh's main trading partner, accounting for around 24% of Bangladesh's total trade in 2015. In 2019, the total trade between the EU and Bangladesh amounted to €19.3 billion. The EU's imports from Bangladesh are dominated by clothing, accounting for over 90% of the EU's total imports from Bangladesh.

Step 3: Development Cooperation The EU is also a significant source of development aid for Bangladesh. The EU provides financial assistance to Bangladesh through its Multiannual Indicative Programme (MIP). The MIP for 2014-2020 allocated €690 million for areas such as good governance, human rights, health, and education.

Step 4: Political Relations The EU and Bangladesh also have a strong political relationship. They hold regular dialogues on issues of mutual interest, including human rights, labor rights, and climate change. The EU has also been supportive of Bangladesh's efforts to deal with the Rohingya refugee crisis.

Step 5: Future Prospects The relationship between the EU and Bangladesh is expected to continue to grow in the future. The EU's strategy for Bangladesh for 2021-2027 focuses on areas such as climate change, economic development, and human rights.