While responding to a written question from Samil Uddin Ahmed Shimul, MP, during a session of the Parliament, State Minister for Commerce Ahsanul Islam Titu says Bangladesh has a trade deficit with 82 countries. Presently, Bangladesh conducts commercial transactions with 210 countries worldwide, having a trade deficit with 82 of them. According to fiscal year 2022-23 data, Bangladesh has a total trade deficit of $15,239.55 million.
The government maintains trade relations with almost all countries in the world, following the policy of “friendship to all, malice towards none”. Therefore, to sustain competition in the global market under a free-market economy, balance foreign trade and transactions, and address post-graduation challenges from a least developed country, the government should initiate efforts to sign regional trade agreements with various countries.
The government will have to hold dialogues with the foreign countries to remove the challenges and barriers that obstruct smooth commercial transactions. Bangladesh could exchange its experiences and the challenges the country is experiencing for economic development. And the country could resolve those through dialogues. The gap has widened as imports are increasing while exports and remittances are decreasing, experts say. If Bangladesh wants to reduce the deficit, it will have to boost exports and remittances. Besides, luxury and unnecessary imports have to be reduced.
Bangladesh conducts commercial
transactions with 210 countries
worldwide, having a trade deficit
with 82 of them
Besides, the government will have to increase vigilance on imported goods and containers to ensure that the goods against import LCs are really entering the country. There are a lot of opportunities to increase the volume of bilateral trade. Foreign countries can greatly benefit by importing top quality ready-made garments, pharmaceutical products and other products from Bangladesh at affordable price.
Bangladesh and foreign countries can further strengthen bilateral trade for mutual benefit. Bangladesh will be a big economy on the global stage in future. Earlier Prime Minister Sheikh Hasina suggested that the Muslim countries introduce a common currency like the Euro of the European Union to facilitate trade and commerce among them.
It would be very good if the Muslim countries can introduce a common currency following the European Union to facilitate trade and commerce among them. We lay emphasis on branding and image building to reduce the trade gap between Bangladesh and foreign countries.
To reduce this trade gap we need technical knowledge and appropriate technology. We also need to develop a special relationship with the foreign countries to this end.
