BD-Myanmar to explore boosting bilateral trade

January 19, 2014

UNB, Dhaka :
Bangladesh and Myanmar have agreed to find out possible ways to promote bilateral trade to the annual level of US$ 500 million, which is now about US$ 100 million, through establishing smoother connectivity.
The agreement was reached at the seventh meeting of the Bangladesh-Myanmar Joint Trade Commission (JTC) held in Naypyidaw, the capital of Myanmar, from January 14-15.
Issues related to border trade, cooperation in agriculture, food, fisheries, power and mineral resources sectors; shipping arrangement; exchange of business delegation; participation in trade fairs; popularising business through Letter of Credit; exploring possibility of reducing duty on certain products; finalisation of bilateral investment agreement, etc came up for discussion in the meeting.
Commerce Secretary Mahbub Ahmed led the Bangladesh delegation comprising officials from concerned Ministries, leaders of business bodies including FBCCI President Kazi Akram Uddin Ahmed, and Bangladesh Ambassador to Myanmar Anup Kumar Chakma, according to a PID release issued on Friday.
A 43-member Myanmar delegation was led by Deputy Minister for Commerce Dr Pwint San.
Mahbub Ahmed underscored the importance on connectivity and expressed satisfaction on completion of air service and operation of flight between Dhaka-Yangon-Dhaka and finalisation of the draft of shipping agreement between the two countries.
He emphasised on the establishment of road connectivity and drew attention to the fact that as demand growth of the developed countries is likely to remain weak in few more years greater weight is needed to be put on regional trade.
The JTC meeting also decided to form two Joint Working Groups, one on cooperation in agriculture and another on cooperation in the fisheries sector.
The meeting ended in the spirit of mutual understanding and cooperation.
Bangladesh delegation particularly the Bangladeshi business leaders and the business leaders of Myanmar had a unique opportunity to share views on issues of bilateral trade and investment during a program at the Bangladesh Embassy.