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Bangladesh, Malaysia need to sign FTA: Tipu


Published : 24 Feb 2022 08:18 PM

Commerce Minister Tipu Munshi said that Bangladesh's trade and economic relations with Malaysia are long-standing. The Free Trade Agreement (FTA) needs to be signed to increase trade and investment.

“Talks between the two countries on signing the FTA have come a long way, and it is possible to sign the agreement if Malaysia comes forward. This will benefit both countries. Bangladesh is exporting various products including readymade garments, jute products, plastics, light machinery and leather goods to Malaysia,” said the minister.

The Commerce Minister made the remarks at a bilateral meeting with a 14-member delegation led by Malaysian Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin on Thursday at his office in the Bangladesh Secretariat.

The minister said that Bangladesh exported goods worth 306.57 million to Malaysia in the fiscal year 2020-2021, while importing  goods worth 1,576.89 million during the same period. Bangladesh has a huge demand for various food products including Malaysian palm oil, furniture, chocolate, fruits. 

“Malaysia will be more profitable if it sets up factories of these products in Bangladesh. There is a lot of skilled manpower here, so it is possible to produce all these products at low cost,” he said. The Commerce Minister further said that Bangladesh imports huge quantity of pumpwells from Malaysia. Bangladesh would be grateful if Malaysia would reduce the price of pumpwell in the current global price of edible oil. “Bangladesh's furniture industry is moving fast. 

There is a huge demand for furniture in the states of India along with other countries to meet the domestic demand of Bangladesh. The work of building 100 special economic zones in important places of Bangladesh under the initiative of Prime Minister Sheikh Hasina is progressing fast, the work of many of them is nearing completion,” said the minister.

Malaysia will benefit if it invests in related industries including furniture, agricultural products processing. The Government of Bangladesh is providing the last few investment opportunities, he added. The visiting Malaysian Minister for Plantation, Industry and Commodities said Bangladesh is a friend of Malaysia and an important business partner. Ongoing trade and economic relations between the two countries have the potential to grow. 

“In particular, there is a demand for Malaysian furniture, rubber products, chocolate and sugary food products in Bangladesh. Both countries can work to increase trade and economic cooperation. Malaysia is keen to enhance trade and economic relations with Bangla­desh,” he said.

AHM Safiquzzaman, Additional Secretary, Ministry of Commerce, and Noor Mohammad Mahbubul Haque, Additional Secretary, Ministry of Commerce, Ahmed Parvez bin Ghulam Qadir, Chief Executive Officer of Pumpwell Council of Malaysia, Azriyah Bint Azian, Chairman of the Timber Council of Malaysia, Norida Binte Yusuf, Director  General of the Rubber Board of Malaysia Team members were also present in the occasion.