Indonesia to finalise IBTA deal with Bangladesh

FBCCI, Indonesia’s KADIN catalyze IBTA Phase III through Cloud Conference

Published : 07 Oct 2020 08:37 PM

To discuss opportunities on trade and investment between Bangladesh and Indonesia, the Federation of Bangladesh Chamber of Commerce and Industries (FBCCI),  organized an ‘FBCCI Cloud Conference™’ titled, ‘Bilateral Trade and Investment Opportunities in the Ongoing Global Pandemic and Beyond’ under the joint initiative the Indonesian Chambers of Commerce and Industry (KADIN).

Sheikh FazleFahim, the President of FBCCI; Major General AzmalKabir OSP, psc. (Retd.), Ambassador of Bangladesh to Indonesia; Rosan Perkasa Roeslani, President, Kadin Indonesia; Rina P. Soemarno, Ambassador of Indonesia to Bangladesh discussed collaboration to boost both economies in a post-pandemic world during the ‘FBCCI Cloud Conference™’.

Commemorating the 100th birth anniversary of the Father of the Nation, the FBCCI President said, “The humane relations between our nations in the spirit of Muslim brotherhood have been marked by engagements at the OIC, D-8, ASEAN Regional Forum (ARF), Indian Ocean Rim Association (IORA), among others; and the bilateral trade in FY 2019-20 stood at US$1.8bn.”

“But there is massive potential for growth if Bilateral value chain initiative™(BVCI™) can be explored in pharmaceuticals, agro, diversified jute goods, leather goods, energy, and minerals. We hope that progress on the bilateral PTA with Indonesia will bolster our two-way trade,” he added.

Soliciting Kadin’s support in integrating veteran and upcoming lawyers in FBCCI ADR Center’s panel of expert arbitrators, Fahim further highlighted the organization’s other initiatives entailing the present FBCCI board’s launch of ‘FBCCI 2041’ to bridge the industry-academia gap; through global knowledge partnership for alternative dispute resolution, applied research, trade facilitation, policy advocacy, technology transfer, startup ecosystem, business process, and STEAM-based skills.

Highlighting Bangladesh’s success and development even during an unprecedented pandemic Fahim further stated, “Comparing compliant markets and transitioning economies like Bangladesh’s ROI makes us an attractive destination with IP protection in place for technology transfer. 

The Ambassador of Bangladesh to Indonesia in his speech said, “Bangladesh has the potential to cater to Indonesian investments and I would urge both public and private representatives in harnessing existent resources and untapped sectors for mutual and inclusive bilateral trade.”

Underscoring the importance of collaboration in economic recovery, the President of KADIN Indonesia said, “We are hopeful that the ongoing negotiation between Indonesia Bangladesh free trade agreement (IBTA) will soon be finalized with changes in the tariff that will boost bilateral trade. 

The Ambassador of Indonesia to Bangladesh said, “Although the bilateral trade between the two nations has been gradually developing over time, we have yet to harness the full potential; which can exceed the current value. A three-day-long trade fair that was organized in Bangladesh, alone generated millions of dollars worth of potential trade between the two nations.” “The third phase of the IBTA agreement, the first in Bangladesh’s history, has been delayed by the advent of the pandemic, but we are hopeful that within the coming months we will be able to formulate a constructive agreement either eliminating tariff or reducing it thus improving the bilateral trade between our nations,” she added.