Export-import activities between Bangladesh and India through the Hili land port in Dinajpur district is suspended since this morning due to Janmashtami, a major religious festival of the Hindu community. All activities at the land port also remained suspended while immigration services are on as usual, said Mostafizur Rahman, general secretary of Hili Land Port Export-Import group . Trade through Hili land port suspended due to election on the Indian side  Trade between Bangladesh and India through Hili land port will resume on Thursday, he said. Trade through Sonamasjid land port resumes after 6 days

International Finance Corporation (IFC) is providing BRAC Bank Limited a $50 million loan to aid small and medium-sized enterprises (SMEs) recover from the effects of the COVID-19 pandemic.  This investment is set to contribute to the preservation of jobs and bring foreign exchange liquidity into BRAC Bank to help support the working capital and trade finance requirements of the bank’s SME importer and exporter clients. Also Read: New program by Australia, IFC to mobilise $50 million to support post-COVID inclusive growth in Bangladesh This investment, along with a similar loan to Prime Bank in February, will also send a positive signal to the market and contribute towards attracting additional international investors to support the foreign exchange financing needs of local banks and SMEs, IFC said. The financing package is part of IFC's $8 billion global COVID-19 fast-track financing facility to support companies during the ongoing public health crisis. This new investment comes under the Working Capital Solutions (WCS) program of the COVID-19 response envelope, which is providing $2 billion globally to emerging-market banks, enabling them to support struggling firms.  This project will also be supported by the International Development Association's Private Sector Window Blended Finance Facility, which is also rendering aid to IFC's WCS program. BRAC Bank is Bangladesh’s third-largest private bank and the only SME-focused bank in the country. Also Read: First project under IFC’s Global Food Security Platform to tackle food insecurity in Bangladesh "Our SME and corporate clients continue to confront challenges arising from the disruptive effects of COVID-19. The insufficient availability of foreign exchange has additionally impeded their regular trading operations," said Selim R. F. Hussain, the Managing Director and CEO of BRAC Bank. The aftermath of the COVID-19 pandemic has resulted in a global economic slowdown, influenced by a series of factors, including geo-political events. “IFC has been supporting the banking sector in export-driven economies like Bangladesh, which have been facing declines in foreign exchange reserves due to various macroeconomic and geopolitical headwinds,” said Joon Young Park, IFC’s Portfolio Manager for South Asia.  Also Read: Prime Bank receives $50m from IFC to support trade, forex liquidity needs in Bangladesh "IFC plans to continue providing its steadfast support to key banking partners in Bangladesh who have significant SME portfolios, such as BRAC, with whom IFC has had equity and debt commitments over the past 19 years.” IFC has invested more than $3.6 billion to promote the growth of the private sector in Bangladesh since 2010, thereby creating job opportunities for the country's citizens. And since the beginning of the COVID-19 crisis, IFC has provided over $360 million in working capital solutions and liquidity support to banks and companies in Bangladesh. Also Read: IFC giving $32.5 million to ensure food security in Bangladesh "After three long years of grappling with the impact of the pandemic, businesses in Bangladesh continue to face challenging market conditions,” said Martin Holtmann, IFC Country Manager for Bangladesh, Bhutan, and Nepal. “By supporting BRAC Bank, we are continuing our efforts to help Bangladesh recover and foster a resilient post-pandemic economic landscape.” Also Read: Implement Teesta Project to save people from manmade disasters: IFC  

The United States has reiterated that they are keen to enhance relationship and cooperation with Bangladesh in key areas, including security and trade. “Last year we celebrated an anniversary as it relates to our bilateral relationship with Bangladesh, and this year in 2023 we look forward to deepening that relationship, and there are a number of areas in which we intend to deepen that cooperation,” Principal Deputy Spokesperson at US State Department, Vedant Patel, said. Also read: Italy to take skilled workers from Bangladesh, contain illegal migration Responding to a question during a regular briefing at the US Department of State on June 7, he said that in addition to security cooperation, there is potential for enhanced cooperation on climate, trade and many other issues. Also read: US consistent on the need for free, fair election in Bangladesh: White House “So of course, this is an issue that continues to be of importance to us. I have spoken about this a great deal to some of your colleagues. One of them, of course, is the opportunity for security cooperation with Bangladesh,” Patel said when asked about boosting US engagement in counterterrorism in Bangladesh. Also read: Won’t get into specific election results in another country, Vedant Patel says on Gazipur City Polls

The Myanmar (Lashio)-China (Lincang) border trade fair is scheduled to be held in Myanmar's capital Nay Pyi Taw, the Ministry of Commerce said on Saturday. The four-day trade fair, jointly organized by Myanmar's commerce ministry and China's Lincang city government, will be held on May 25-28. "The trade fair is aimed at boosting trade relations between the two countries and strengthening interaction between traders of the two neighbors," Daw Naw Muta Kapaw, director-general of the Myanmar Trade Promotion Organization under the Ministry of Commerce, told Xinhua. "It is the first in-person Myanmar-China border trade fair since the outbreak of the COVID-19 pandemic," the official said, adding that the trade fair was virtually held in the last two years due to the pandemic. The trade fair will feature more than 100 stalls, including more than 40 from China and about 70 from Myanmar, she said. Companies from China will exhibit their products including coffee and tea products, macadamia, instant foods, solar appliances, electrical appliances, kitchenware and other consumer products, while Myanmar's gems and jewelry, local produces, and products from micro, small and medium enterprises (MSME) will be on display. The last in-person Myanmar-China border trade fair took place in Lashio of Myanmar in November 2019.

A new journalism competition will be held in Bangladesh's capital Dhaka to encourage more and better-quality investigative reporting to bolster Bangladesh-China ties in trade, commerce and investment. An agreement on the Bangladesh China Chamber of Commerce and Industry (BCCCI) - the Economic Reporters' Forum (ERF) Journalism Award was signed here Saturday. Both sides have decided to jointly hold the journalism award event. The "BCCCI-ERF Journalism Award" will cover five areas, including the trade and investment ties between Bangladesh and China, how the high-quality development of China has helped Bangladesh, science and technology, the Belt and Road Initiative and others. Noting the professional significance of such an event, Al Mamun Mridha, secretary general of BCCCI, hoped that it would further encourage the economic journalists to analyze the topics of bilateral relations between Bangladesh and China.

FBCCI President Md. Jashim Uddin said that it is essential to strengthen commercial activities in order to expand trade in non-conventional markets.  Md. Jashim Uddin said this during a courtesy meeting with the newly appointed ambassador of Bangladesh to Libya Major General Abul Hasnat Mohammad Khairul Bashar on Wednesday at the FBCCI Icon. FBCCI President said Bangladesh is still lagging behind in expanding trade to other regions of the world outside the conventional markets of Europe and America.  Also Read: FBCCI election on July 31 "Initiatives should be taken to capture non-conventional markets like the Middle East, Africa, and Asia," he said.  "The global geopolitical context has opened a new door of opportunity for Bangladesh as buyers are moving away from single-market dependence," he added.  The FBCCI president said Bangladesh should increase its efficiency in marketing strategy to utilize this potential. Highlighting the potential sectors of the country, Md. Jashim Uddin said that the processed food industry is expanding rapidly.  Also Read: Working to reduce gender inequality in workplace: FBCCI "Besides this, Pharmaceuticals, electronic products, light engineering, leather and leather goods, ceramics, and plastic products have huge potential," he said.He urged the ambassador of Bangladesh to Libya to take initiatives in expanding the market of these products in Libya. Ambassador Major General Abul Hasnat Mohammad Khairul Bashar said, "The security situation in Libya is gradually improving. So there is scope for Bangladesh to work again with Libya in several sectors." The embassy will work on exporting skilled manpower to Libya, he added. FBCCI Vice President Md. Habib Ullah Dawn, Secretary General Mohammad Mahfuzul Hoque, Ambassador Mosud Mannan, and others were present at the meeting.    

Bangladesh and Australia have immense potential to enhance bilateral trade by further deepening collaboration and cooperation, said Faruque Hassan, President of BGMEA. Trade between the two countries had grown considerably over the past years and more opportunities still lie ahead that could benefit both sides if reaped together, he said. He came up with the observations during a meeting with Tim Watts, Assistant Minister for Foreign Affairs of the Australian government, in Dhaka on May 15. Brendan Hodgson, Director, Bangladesh, Sri Lanka and Maldives Section at Australian Department of Foreign Affairs and Trade; Megan Jones, Assistant Secretary, Indian Ocean and South Asia RegionalAustralian Department of Foreign Affairs and Trade, Australia; and Louisa Bochner, Adviser, office of the Assistant Minister for Foreign Affairs ; Jeremy Bruer, Australian High Commissioner to Bangladesh were also present at the meeting. The meeting was also attended by Zunaid Ahmed Palak, MP, State Minister for the ICT Division, Government of Bangladesh; Mohibul Hasan Chowdhury, MP, Deputy Minister for Education, Government of Bangladesh; and Russell T. Ahmed, President of Bangladesh Association of Software and Information Services (BASIS). They had discussions about different issues, including potential areas of expanding trade and investment between Australia and Bangladesh. Issues relevant to Bangladesh’s RMG industry including its prospects and preparedness to continue the growth momentum were discussed during the meeting. BGMEA President Faruque Hassan briefed the Australian Assistant Minister for Foreign Affairs about the huge progress made by Bangladesh’s RMG industry in terms of workplace safety, environmental sustainability, and workers' rights and welfare. He said Bangladesh was interested in importing more cotton and wool from Australia to meet the growing demand of the RMG and textile industry. The BGMEA President informed the Australian Assistant Minister for Foreign Affairs about about the BGMEA’s initiative to organize the Bangladesh Apparel Summit in Australia on 18th July 2023 and called on him to expend support in organizing the event. He also sought cooperation from Australia in developing knowledge and skills of the students of BGMEA University of Fashion and Technology (BUFT) in textile, apparel, fashion, design and business through collaboration with leading Australian universities and fashion institutes. He expressed thanks to the Australian government for its decision to continue duty-free market access for Bangladesh. “It would support Bangladesh in maintaining the momentum of its economic growth after the LDC graduation,” Faruque Hassan added.  

Pakistan and Afghanistan's Taliban-appointed government have agreed to boost trade and lower tensions along their border amid a surge in militant attacks on security forces, officials said Monday. Pakistani Foreign Minister Bilawal Bhutto Zardari and Afghanistan’s Taliban-appointed foreign minister, Amir Khan Muttaqi, struck the deal Sunday in Islamabad, according to Pakistan's Foreign Ministry. The agreement is designed to improve bilateral trade, combat terrorism and boost bilateral ties. Earlier, Bhutto Zardari and Muttaqi also held talks with China's Foreign Minister Qin Gang, a departure from recent years when such dialogue had been on hold, according to analysts, who say China is expanding its influence in the region. China also has played a role in the resumption of Saudi-Iran diplomatic ties. In Pakistan, Beijing is bankrolling the so-called China-Pakistan Economic Corridor, or CPEC — a sprawling package that includes such projects as road and power plant construction and boosting agriculture production. Also Read: UN urges Afghanistan’s Taliban to end floggings, executions The package is considered a lifeline for this impoverished Islamic nation, which is currently facing one of its worst economic crises amid stalled talks on a bailout with the International Monetary Fund. CPEC, also known as the One Road Project, is part of China’s Belt and Road Initiative, a global endeavor aimed at reconstituting the ancient Silk Road and linking China to all corners of Asia. Qin arrived in Islamabad on Friday and met with President Arif Alvi, Foreign Minister Bhutto Zardari and Pakistan's powerful army chief, Gen. Asim Munir. During these meetings, he was assured that Pakistan will boost security for all Chinese nationals who are working on multi-billion dollar projects in cash-strapped Pakistan. China has been demanding more security from Pakistan for its nationals residing and working in the Islamic country since 2021, when a suicide bomber killed nine Chinese and four Pakistanis in an attack in Pakistan’s volatile northwest. According to a Foreign Ministry statement, Bhutto Zardari and Muttaqi on Sunday “held a candid and in-depth exchange on key issues of mutual concern, including peace and security, as well as trade and connectivity." The two sides “reaffirmed their desire to pursue continuous and practical engagement," it said. According to the Afghan embassy, Muttaqi and his delegation met with Bhutto Zardari and other officials. “During the meeting, matters of mutual interest, Afghan-Pak political, economic, and transit relations as well as challenges of Afghan Refugees in Pakistan have been discussed,” it said on Twitter early Monday. Pakistan's military said Muttaqi also met with Munir, the army chief, to discuss "issues of mutual interest including aspects related to regional security, border management, and formalization of bilateral security mechanisms for improvement in the current security environment.” Munir sought enhanced cooperation to “effectively tackle the common challenges of terrorism and extremism," the statement added. Relations between Pakistan and the Afghan Taliban have featured ups and down in the past year. In February, the two sides shut the main Afghan-Pakistan border crossing at Torkham, stranding people and trucks carrying food and essential items. After a Pakistani delegation traveled to Kabul for talks on the crisis, the border was reopened after a week and Muttaqi's visit to Islamabad was planned. Afghanistan's Taliban have been shunned by most of the international community for harsh and restrictive measures they have imposed since seizing power in August 2021, when U.S. and NATO troops were in the final weeks of their pullout from the country after 20 years of war. The Afghan Taliban has banned girls from education beyond the sixth grade and barred women from most jobs and public life. Pakistan has lately expressed concern over a surge of deadly attacks across the country by the Pakistani Taliban — an independent militant group that is allied with and sheltered by the Afghan Taliban. Islamabad has demanded from the Taliban in Kabul that they do more to rein in anti-Pakistani groups such as the Pakistani Taliban — also known as Tehreek-e-Taliban Pakistan or TTP — which have stepped up attacks on Pakistani security forces in recent months.

Britain's free trade agreements with New Zealand and Australia will come into force by the end of this month, the leaders from the three nations said Friday. The announcement came while the prime ministers from the two Southern Hemisphere nations are in London for the coronation of King Charles III. The deals are part of Britain's efforts to expand its economic ties after it left the European Union. Both deals were first agreed to in 2021. New Zealand officials say its deal will help boost sales of products like wine, butter, beef and honey, and will increase the size of its economy by up to 1 billion New Zealand dollars ($629 million). New Zealand Prime Minister Chris Hipkins said it was a gold-standard agreement. "The market access outcomes are among the very best New Zealand has secured in any trade deal,” Hipkins said in a statement. British Prime Minister Rishi Sunak said the deal with New Zealand reflected the close relationship between the nations. “This deal will unlock new opportunities for businesses and investors across New Zealand and the United Kingdom, drive growth, boost jobs, and, most importantly, build a more prosperous future for the next generation,” Sunak said in a statement. Australian Prime Minister Anthony Albanese said it would mean more market access for its exporters. “So for beef, for our sheep products, for our seafood, for our other products it will mean much greater access to the British market,” Albanese told the Australian Broadcasting Corp. in an interview. Albanese said it would also mean greater access for younger Australians to work in Britain and vice versa after the terms of a working holiday arrangement were expanded. A similar scheme between New Zealand and Britain has also been expanded, increasing the length of working visas from two years to three years and the maximum eligible age from 30 to 35.

World Bank will provide USD 2.25 billion as loan to Bangladesh to develop various sectors, including regional trade and connectivity, disaster preparedness and environmental management. A loan agreement was signed on Monday (May 01, 2023) between Bangladesh and the World Bank for implementing five projects. Prime Minister Sheikh Hasina and World Bank President David Malpass witnessed the exchanges of the financing agreement. Read: Stay with us in implementing future physical & social mega projects: PM Hasina to WB This loan agreement comprises five projects: ·        Accelerating transport and trade connectivity in Eastern South Asia (ACCESS) – Bangladesh Phase-1 Project worth USD 753.45 million. ·        USD 500 million Resilient Infrastructure Building Project (RIVER) for resilience, adaptation and vulnerability reduction that will be the first major investment to support Bangladesh’s Delta Plan 2100. It will help improve disaster preparedness against inland flooding. ·        USD 500 million First Bangladesh Green and Climate Resilient Development (GCRD) project is the first such credit that will help the country’s transition to resilient development. ·        USD 250 million Sustainable Microenterprise and Resilient Transformation (SMART) project aims to help transform the microenterprise sector into a more dynamic, less polluting, resource efficient and climate resilient growth sector. ·        USD 250 million Bangladesh Environmental Sustainability and Transformation (BEST) project to help strengthen environmental management and promote private sector participation in green investment. Read More: External pressure behind World Bank's withdrawal from Padma Bridge, says PM Hasina urging it to look into future