bilateral trade
PM Hasina advocates for enhanced direct RMG imports by Brazil to strengthen bilateral trade
Prime Minister Sheikh Hasina, in a meeting held on Monday (April 8, 2024) with the visiting Brazilian Foreign Minister Mauro Vieira and his delegation, underscored the significant potential for enhancing bilateral trade between Bangladesh and Brazil.
“There is immense scope to increase bilateral trade between the two countries,” she was quoted as saying.
The meeting took place at the Prime Minister's office, where Sheikh Hasina highlighted the opportunity for Brazil to augment its import of readymade garment (RMG) products directly from Bangladesh, thus eliminating the need for intermediaries and making the process more cost-effective.
The briefing to reporters post-discussion was provided by PM's speechwriter M Nazrul Islam.
He revealed that the Prime Minister expressed a desire to deepen the current bilateral relationship between the two nations. Noting the current trade imbalance heavily skewed in favour of Brazil — with Bangladesh importing substantial amounts of sugar, soybean oil, and cotton from Brazil and exporting only a minimal amount of RMG products in return — she pointed out the considerable scope for Brazil to diversify its imports to include not only more RMG products but also jute, jute goods, leather, and leather goods from Bangladesh.
Reflecting on the historical connections, Prime Minister Hasina remarked on Brazil's significant role as the first country in South America to recognise Bangladesh's independence in 1971, shortly after the Liberation War.
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She emphasised the shared perspectives and stances of Bangladesh and Brazil in various international forums.
The conversation also veered towards sports, with the Prime Minister expressing an interest in Brazilian football and seeking cooperation to elevate the standards of football in Bangladesh.
In a gesture of diplomatic goodwill, the visiting Brazilian Foreign Minister extended an invitation from Brazilian President Luiz Inácio Lula da Silva to Prime Minister Hasina to attend the final meeting of the G20 Task Force for the creation of Global Alliance against Hunger and Poverty in Rio de Janerio on 24th July. The prime minister accepted the invitation.
The G20 is made up of 19 countries and the EU. The 19 countries are: Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, the Russian Federation, Saudi Arabia, South Africa, Turkey, the UK, and the US. Brazil holds the Presidency in 2024.
The discussions further ventured into global political arena, with Vieira commending Bangladesh for its stance against the ongoing conflict in Gaza and aligning with Bangladesh's condemnation of the Israeli aggression as genocide.
“They (Israel) have violated all kinds of international norms, they bombed hospitals, continue killing in the shelter camps… this is not a war, this is genocide,” the PM was quoted as saying.
She mentioned that Israeli forces are not even sparing children, women and the elderly.
Praising the socio-economic progress of Bangladesh under Prime Minister Hasina's leadership, Vieira expressed Brazil's interest in learning from Bangladesh's development experience, noting the similarities between the two populous nations in their battles against poverty and hunger.
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The visit, marked by Vieira's presentation of a Brazil National Football Team jersey to Prime Minister Hasina, bearing her name, underscored the amicable discussions and the mutual desire to explore avenues for cooperation and shared growth.
Leading a delegation of high officials and a robust trade team, this is the Brazilian Foreign Minister’s first visit to Bangladesh, opening new chapters in the bilateral relations between Bangladesh and Brazil.
Bangladesh, France reiterate interest in expanding bilateral trade and exploring potentials for investment in infrastructure
Bangladesh and France have reiterated interest in expanding bilateral trade and exploring potentials for investment in quality and resilient infrastructure development in Bangladesh, including in the railway sector.
Prime Minister Sheikh Hasina and President of the French Republic Emmanuel Macron expressed the hope that the Bangladesh-France Investment Summit — to be held on October 23 and 25, 2023 — in Paris and Toulouse would inject a new impetus to the bilateral trade and investment relations.
"Thank you, Prime Minister Sheikh Hasina, and the people of Bangladesh for such a warm welcome. Our friendship is long-standing and unbreakable," President Macron said.
Read: Partnership for resilience and prosperity: Dhaka, Paris want joint efforts for result-oriented COP28 in Dubai
France expressed its confidence in the economic prospects offered by Bangladesh for shared growth and inclusive development.
Both sides recalled the depth of their economic partnership, spanning every sector from industry to services, and expressed willingness to further deepen and widen it through business-to-business collaboration, according to a joint statement issued on Monday.
France lauded the adoption of the National Action Plan on the labour sector of Bangladesh (2021-2026) and stressed the importance of its implementation and the diversification of Bangladesh’s economy in order to facilitate a smooth and sustainable transition under the Generalised Scheme of Preferences (GSP) of the European Union.
Read: Bangladesh, France sign €184 credit facility deal to support urban governance, infrastructure improvement
Building on Prime Minister Sheikh Hasina’s visit to France in November 2021, at her invitation, President Emmanuel Macron paid a bilateral visit to Bangladesh on September 10-11, 2023.
The President of France and the Prime Minister of Bangladesh met on Monday in Dhaka to give a strong impetus to the bilateral relations, and stated their common conviction to develop a trusted and meaningful partnership fostering strategic autonomy — in support of global peace and security, resilience and prosperity, and people-centric connectivity.
Bangladesh and France committed to launch regular high-level dialogues to deepen the strategic dimension of their partnership.
Read: France happy with Bangladesh’s commitment for acquisition of 10 A350 from Airbus
Meghalaya ready to contribute to Bangladesh-India bilateral trade, Chief Minister says
The state government of Meghalaya, of India, is keen to deepen economic and trade ties with Bangladesh.
Conrad Sangma, Chief Minister of Meghalaya, discussed this when the High Commissioner of Bangladesh to India, Md. Mustafizur Rahman, paid a courtesy call on him at his office on Wednesday.
The Chief Minister apprised the High Commissioner about the opportunities and possibilities of expanding trade and commerce in the state of Meghalaya.
Read more: 'Dhaka, Delhi satisfied over bilateral cooperation'
In particular, he highlighted the possibility of direct import of garment, plastic and electronic products, processed food and frozen food from Bangladesh, according to the Bangladesh High Commission in New Delhi.
FBCCI wants to enhance bilateral trade relations with Mozambique
The FBCCI Senior Vice President Mostofa Azad Chowdhury on Monday said the federation is looking to enhance bilateral trade relations and investment opportunities between Bangladesh and Mozambique.
“Both Bangladesh and Mozambique occupy a strategic position as business hubs and could benefit from a more robust trade and economic partnership,” he said while presiding over a discussion meeting with the Mozambique Business Delegation at the FBCCI.
Mostofa said, “Our presence in Africa is mostly due to the large contribution of our peacekeeping forces. But now we are trying to increase business ties with the southern economic bloc by enhancing trade and investment.”
The delegation was led by the Director General for Asia and Oceania of Mozambique Jose Matsinha.
He said, "There is huge potential in economic relations between Mozambique and Bangladesh. We’re here in Bangladesh to see which area we both can work on."
Read more: FBCCI urges policy support in tourism development
Jose Matsinha said, “We can get experience from Bangladesh in strategic areas with mutual interest. We have a large amount of land and plenty of water in Mozambique but we lack expertise. Bangladesh can help us in the agriculture sector.”
He also praised the Bangladeshi peacekeepers who worked in Mozambique.
High Commissioner of Mozambique to India Ermindo Ferreira, Director General (Bangladesh’s foreign wing) for Africa Md. Tarikul Islam, representative of the Ministry of Economy and Finance (of Mozambique) Jose Fernando Messias, Mozambican Investment, and Export Promotion Agency Dique Francisco Bacar, and FBCCI Directors, among others, were present on the occasion.
Bangladesh, Vietnam eye $2 billion trade in 2023
Vietnamese Ambassador to Bangladesh Pham Viet Chien has expressed optimism that the bilateral trade between the two countries will reach $2 billion mark in 2023 when the two countries will celebrate 50 years of diplomatic relations.
In the first nine months of 2022 calendar year, the bilateral trade turnover between the two countries has reached $1.1 billion and it is expected to reach $1.5 billion by end of December.
“If this trend keeps continuing, I hope that trade between the two countries will reach $2 billion in 2023,” Ambassador Chien told UNB in an interview, terming the economic relations between the two countries “robust”.
Read more: Bangladesh-Vietnam direct flights may begin this year-end
Responding to a question, the Vietnamese envoy said he has always encouraged Bangladeshi businesses to promote more Bangladeshi goods and services to the Vietnamese people so that Bangladesh can export more products to the Vietnam market.
“I think there is a lot of potential to further boost the economic relations between the two countries - from manufacturing industry to agriculture,” he said seeking more cooperation with each other as economic cooperation is one of the most significant features of the bilateral relations between the two countries.
Shringla, BGMEA chief discuss ways to boost bilateral trade
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan has met Foreign Secretary of India Harsh Vardhan Shringla at his official residence in New Delhi on Saturday. BGMEA Director Tanvir Ahmed was also present at the meeting.
Also read: Dhaka, Delhi will soon be connected through 6 rail links: Shringla
They discussed potential areas of cooperation and collaboration to enhance trade between Bangladesh and India. Their talks also focused on existing problems in export-import trade and non-tariff barriers, especially in textiles products trading and possible ways to address them. Faruque Hasaan pointed to the huge opportunities that lie ahead for Bangladesh and India. Both neighbouring countries can gain mutual trade benefits by complementing each other, particularly in boosting apparel and textile businesses, he said He said, “India is one of the major markets for importing raw materials for our RMG industry. We import man-made fiber, yarn, fabric, chemicals, machinery, dyes etc. Bangladesh is giving emphasis on high-end MMF-based apparel items. India, as a major supplier of textiles including MMF fabrics can meet the growing demand of Bangladesh.” On the other hand, India is a promising export market for Bangladeshi readymade garments due to geographical proximity, competitive price and quality, he said.
Also read: India to remain resolute in dealing with security challenges in region: Shringla So, both countries have scope to tap into the reciprocal trade benefits, he added. The BGMEA President requested the Indian Foreign Secretary for steps to expedite and facilitate trade, especially removing non-tariff barriers and simplification of export-import procedures through the land ports in order to reduce time and cost.
Dhaka, Colombo for early conclusion of PTA to boost trade
Bangladesh and Sri Lanka have laid emphasis on early conclusion of the Preferential Trade Agreement (PTA) with a hope that it will “widen” the bilateral trade significantly between the two South Asian countries.
Foreign Minister AK Abdul Momen and his Sri Lankan counterpart Prof. G.L Peiris had a bilateral meeting on the sidelines of the 18th BIMSTEC ministerial meeting in Colombo on Tuesday.
Read:Dhaka undecided on Colombo's request for another $250m loan: Momen
They discussed areas of cooperation including diversification and expansion of the export basket.
The negotiations over the PTA are at an advanced stage, said Secretary (East) Mashfee Binte Shams, who attended the meeting.
Rector of Bangladesh Foreign Service Academy Asad Alam Siam and High Commissioner of Bangladesh to Sri Lanka Tareq Md Ariful Islam were also present.
The Sri Lankan foreign minister highly commended the great leadership of Prime Minister Sheikh Hasina for her policy against terrorism and violent extremism.
Foreign minister Momen stressed on initiating regular commercial shipping lines and cruise shipping for enhancement of trade and people to people contacts.
He also pointed out that the high price of air tickets is creating barriers to promoting tourism between the two countries.
The Sri Lankan foreign minister emphasized and echoed the position of Bangladesh leadership for better utilisation of Colombo port for transportation of Bangladeshi goods for the benefit of both the sides.
Read:Dhaka, Kathmandu eye broader cooperation in key areas
Both the foreign ministers agreed to work together in various regional and multilateral fora for common benefits.
Momen thanked his Sri Lankan counterpart for the warm hospitality and congratulated for hosting the BIMSTEC Summit preceded by the ministerial meeting and the senior officials meeting.
The Sri Lankan foreign minister recalled his visit to Dhaka last year in November and his meeting with prime minister Sheikh Hasina.
Bangladesh seeks early conclusion of FTA with Singapore
Applauding the initiative for a free trade agreement (FTA) between Bangladesh and Singapore, Foreign Minister Dr AK Abdul Momen on Thursday said FTA would be mutually beneficial by further enhancing the bilateral trade and investment.
"Singapore is an important bilateral trade and investment partner of Bangladesh," he said during a telephone conversation with his Singapore counterpart Dr Vivian Balakrishnan.
The two Foreign Ministers agreed to accelerate the process for concluding the FTA early.
Dr Momen encouraged more Singaporean investors to invest in power, telecommunication, renewable energy and power transmission sectors in Bangladesh taking advantage of a very friendly investment regime in the country.
Also read:Rohingya Crisis: Dhaka voices concerns over security implications in entire region
While thanking the Government of Singapore for providing humanitarian assistance to the forcibly displaced Myanmar nationals sheltered in Bangladesh, Dr. Momen sought Singapore’s and ASEAN’s proactive role in bringing a sustainable and permanent solution to the Rohingya crisis by ensuring their urgent return to their homeland in Myanmar.
Dr Vivian assured that Singapore would remain engaged on the issue and of Singapore’s continued support for a durable solution to the crisis.
During the conversation, Dr Momen expressed satisfaction over the excellent bilateral relations existing between the two friendly countries, mentioning that Bangladesh considers Singapore as a role model of Economic Development.
The two Foreign Ministers agreed on the necessity of exploring synergies in new areas of cooperation for expanded bilateral engagement.
Dr Momen noted with satisfaction Singapore government’s continuous support to the Bangladeshi expatriate workers during the ongoing Covid-19 pandemic.
He suggested that Singapore may consider employing more skilled workers from Bangladesh especially in their health and other service sectors.
Also read: Bangladesh needs 34,000 MW of electricity by 2030 to sustain its growth: ICCB
Praising Dr Balakrishnan’s previous role as Minister-in-charge of the Smart Nation Initiative, Dr Momen shared the rapid digital transformation of the economy and society in Bangladesh under the vision of Hon’ble Prime Minister Sheikh Hasina for a ‘Digital Bangladesh’.
Dr Momen sought Singaporean cooperation in the area of ICT and digitization, to which Dr. Balakrishnan responded very positively and assured of full support and assistance.
Referring to the 50 years of diplomatic ties between the two countries in 2022, both the Ministers agreed to celebrate the special occasion in a befitting manner in both the countries.
Dr Momen invited his Singaporean counterpart to visit Bangladesh. Dr Balakrishnan also extended an invitation to Dr Momen for an official visit to Singapore to kick-start the celebration of the 50 years of diplomatic relations between the two countries. The two Foreign Ministers also exchanged greetings of the New Year and discussed the pandemic situation in their respective countries.
Time to boost bilateral trade between Dhaka and Jakarta: FBCCI
FBCCI President Md. Jashim Uddin on Monday called upon the government to take initiative to harness the huge untapped potentials of bilateral trade between Bangladesh and Indonesia.
Jashim made the call when Bangladesh Ambassador to Indonesia Air Vice Marshal Mohammad Mostafizur Rahman called on him at his FBCCI office.In FY 2020-21, the import-export trade between Indonesia and Bangladesh stood at US$ 1.9 billion, which has a huge potential for further growth.Indonesia has a large market for Bangladeshi medicines, agricultural products, poultry, jute and leather goods and footwear.
Also read: FBCCI seeks to extend loans moratorium facility until June 2022Jashim also urged the ambassador to take initiative so that Indonesia would also invest in an economic zone of Bangladesh.During the meeting the ambassador said that the Bangladesh government is keen to be a sectoral dialogue partner of Indonesia.As the tariff and tax structure in the country is relatively simple, it will be easier for Bangladeshi exporters to capture the market, he said.“Indonesian entrepreneurs are interested in investing in Bangladesh through joint ventures in the pharmaceutical and SME sectors,” he said.He also said that a delegation led by the country's industry minister or commerce minister will visit Bangladesh this year to explore bilateral trade and investment prospects.
Also read: FBCCI preparing a master plan to face post-LDC challengesHe said negotiations are also underway on a preferential trade agreement (PTA) with the country.FBCCI Senior Vice President Mostofa Azad Chowdhury Babu, Vice President Md. Amin Helaly, Director MGR Nasir Majumder and Secretary General Mohammad Mahfuzul Hoque were present during the meeting.
Bilateral trade with South Korea to reach a record high this year
The bilateral trade volume between South Korea and Bangladesh is expected to reach a record high this year.
Between January and November this year, the trade volume, according to the statistics by the Korea Trade Association, recorded 2.014 billion US dollars, 54.6% increase from the same period of last year which was 1.303 billion US dollars, said a South Korean Embassy release on Thursday.
Bangladesh’s export to South Korea increased by 35.8% with $498 million from $393 million in 2020 while Korea’s export to Bangladesh rose by 61.9% with $1.51 billion from $1.033 billion in 2020.
Bilateral trade has been stagnant at the level below $1.6 billion for almost a decade after it peaked at $1.872 billion in 2011.
Bangladesh’s export to Korea, which reached over $100 million in 2007 and $200 million in 2011, remained stagnant after it reached over $300 million in 2013.
Despite the Covid-19 pandemic, Bangladesh’s export to Korea, however, crossed over $400 million in 2019 and recorded $393 million in 2020. It is expected to go over $500 million by the end of this year.
The main export items of Bangladesh to Korea include garments, sports and leisure items and bronze scraps.
Garment exports, which accounts for 81 per cent of total export to Korea, increased by 32.4 per cent from the previous year with $442 million, while sports and leisure items skyrocketed by 92 per cent with $303 million. Export of bronze scrap rose by 175 per cent with $9.14 million.
Korea’s export to Bangladesh which peaked in 2011 with $1.63 billion has decreased to approximately $1.2 billion for many years and further deepened to $1.03 billion in 2020.
It might even be possible to surpass the level of 2011 by the end of this year. Major export items of Korea to Bangladesh are machinery, petrochemical products, steel and pesticides. Export of machinery rose by 107 per cent to $297 million which reflects the continued growth of Bangladesh’s manufacturing sector.
Petrochemical products increased by 64.2 per cent with $279 million. Steel export grew by 45.7 per cent with $190 million and pesticides by 68 per cent with $78 million.
South Korean ambassador Lee Jang-keun said that this year will mark a momentous turning point in the bilateral trade between the two countries overcoming the challenges of the COVID-19 pandemic and expect the bilateral cooperation will be further strengthened in the coming years.
He hoped that the Bangladesh business sector would take advantage of the preferential trade policy of Korea to Bangladesh which provides duty and quota free access to the Korean market by 95 per cent of the product since 2008.