Window of opportunity

to explore Russian trade and investment

Published : 30 May 2019 09:04 PM | Updated : 05 Sep 2020 03:05 AM

As part of its growth strategy and expansion of trade, Bangladesh is set to enter the Russian market. For this, a memorandum of cooperation (MoC) between the Eurasian Economic Commission (EEC) and the government of Bangladesh will be signed in Moscow today (Friday). Commerce Minister Tipu Munshi left Dhaka for Moscow on Thursday to take part in the signing ceremony. When contacted, Shafiqul Islam, additional secretary for FTA to the commerce ministry, said EEC has already invited the commerce minister to visit Moscow for signing the agreement.
“Commerce Minister Tipu Munshi will leave Dhaka for Russia on Thursday. When the agreement will be signed, a new window of possibility will open up. So, we are very excited as the deal is going to be signed,” he told Bangladesh Post on Wednesday. Replying to a query, Shafiqul Islam said that in order to organize interactions within the framework of the memorandum, the two sides will form a joint working group which will meet as and when necessary. “After signing the agreement, we will discuss the overall issues in details. And Bangladesh and EEU member-states will exchange information and documents on the measures affecting mutual trade and discuss issues of mutual interest related to trade and economic relations,” he added. The signing of the memorandum of cooperation will help build a bridge with these countries, enabling Bangladesh to get greater trade benefits in 18 sectors, the official said. On behalf the Bangladesh government, Tipu Munshi and a member of the EEC board will sign the deal. The EEC is the executive body of the Eurasian Economic Union (EEU) comprising five member-countries -- Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. The deal will include trade facilities, economic growth and analysis of macroeconomics, strategic policy, customs policy and process, cooperation for removing barriers to exports vegetables, financial market, communication, energy policy and agriculture industry competitive policy. Besides, there are investment in intellectual properties, industries and service sector, consumers' right protection, initiator development, technology, public procurement, manpower import and other financial sectors. The deal will also envisage application of sanitary and phytosanitary measures and veterinary and quarantine measures, financial markets, transport and antitrust regulations. Earlier, Tipu Munshi said the goal of the current government is to take the country forward further through expansion of trade and commerce and creating employments. “Our goal is now to further move ahead the country and to expand trade and commerce. The world is now open to all and we’ll have to grab the opportunities and potentials the world is offering. We’ll also have to create more employments,” he said. He said he would leave for Russia on Thursday and that one or more bilateral agreements are likely to be signed with the Russian government as Bangladesh is eying the huge market there. According to the commerce ministry, the cooperation was aimed at promoting trade and economic relations between Bangladesh and the EEU member-states. The memorandum also aims to achieve higher volumes of mutual trade and investments, eliminate barriers to trade and investment flows and foster closer collaboration in areas of mutual interest. According to officials, the MoU will focus on elaboration of trade facilitation measures, analysis of economic growth and macroeconomic situation, technical regulation and customs regulation and procedures.

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