Bangladesh sees rapid rise in bilateral trade

Envoy for exploring trade avenues in light engineering, surgical and sports goods


Our Correspondent July 27, 2022
Promotion of exports by tapping new markets and expanding the export basket by reducing trade barriers is the ultimate way forward. Photo; File

ISLAMABAD:

Bangladesh High Commissioner Ruhul Alam Siddique has underlined the need for exploring more trade opportunities as bilateral trade with Pakistan has gone up and will continue to rise at a swift pace.

The high commissioner made the remarks in a meeting with Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh and FPCCI Capital Office Chairman Coordination Mirza Abdul Rehman.

Trade opportunities could be explored by the two sides in the areas of construction material, light engineering, surgical goods, sports goods, food processing, denim cotton, yarn, tourism and pharmaceutical, he said.

“Bilateral trade volume has increased up to $900 million and I hope it will continue to rise at a faster pace, which will be very encouraging for the business communities of both countries,” the high commissioner said.

He pointed out that Bangladesh wanted to cooperate with Pakistan in the fields of food processing, dairy and textile. “Pakistan is very important to Bangladesh in terms of trade and investment, and both countries must facilitate each other, instead of becoming competitors.”

FPCCI President Irfan Iqbal Sheikh suggested some measures to facilitate the rapid promotion of trade between Pakistan and Bangladesh. These include formulation and effective implementation of a joint trade promotion strategy for the rapid increase in bilateral trade, and more joint ventures in textile production and services.

He called on the two countries to make it easier to boost trade, which would enhance export of jute, tea and tobacco from Bangladesh while Pakistan would be able to ramp up export of yarn and sugar.

“However, it will turn the trade balance more in favour of Bangladesh.”

Published in The Express Tribune, July 27th, 2022.

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