Commerce Minister Tipu Munshi has expressed hope that the preferential trade agreement between Bangladesh and Indonesia will be executed very soon.
He expressed this optimism during a courtesy meeting with Indonesian Ambassador Heru Hartanto Subolo at his office in the Ministry on Sunday. The Indonesian ambassador also agreed to make progress towards the conclusion of the agreement.
The Minister of Commerce said that bilateral preferential trade agreement with Indonesia is under process. The two countries have formed a ‘Trade Negotiations Committee’ to implement this agreement and have held three meetings so far and the fourth meeting will be held in Indonesia next month. This round is likely to conclude the negotiations. After that, the commerce ministers of the two countries emphasized on seriously considering the signing of this agreement.
Emphasizing on further expansion and acceleration of trade and investment opportunities in promising sectors by the business communities of the two countries, Tipu Munshi suggested more frequent contacts between the business communities of the two countries so that they can identify promising sectors and create investment opportunities.
He called for maintaining balance in bilateral trade by allowing the entry of other Bangladeshi products, especially RMG, pharmaceuticals, leather products. In this regard, the minister said, in the fiscal year 2021-22, Bangladesh exported goods worth USD 78.57 million to Indonesia. On the other hand, the country has imported goods worth about USD 382 million. He called on the country to take measures to allow more Bangladeshi products to enter the Indonesian market to balance this huge trade deficit.
Regarding visa facilitation for Bangladeshi citizens in Indonesia, the minister said that the relations between the two countries are very close, friendly and cordial. Both the countries have huge potential in the tourism sector. By simplifying the visa process, travelers from both countries will have the opportunity to travel and contribute to the economy.
When the Minister of Commerce called for the signing of the MoU between the Apex Chamber for the development of relations and expansion of trade between the business groups of the two countries, the Ambassador of Indonesia agreed and expressed confidence in the cooperation. Ambassador Heru Hartanto Subolor said that unprecedented success has been achieved in Bangladesh under the leadership of Prime Minister Sheikh Hasina. You have transformed from a less developed country to a developing country.
Referring to the immense potential of investment in Bangladesh, he said that Indonesian businessmen are willing to establish Palm well refinery station in Bangladesh.
Senior officials of the Ministry of Commerce were present.
