Business Desk :
Bangladesh will place proposal to Brazil for signing free trade agreement (FTA) in the upcoming MERCOSUR conference, the alliance of Southern Common Market, to boost bilateral trade.Bangladesh, the second largest exporter of readymade garment (RMG) in the world, could not export as per the prospect due to high duty though its RMG, pharmaceutical and few other products have a huge demand in Brazil, said Commerce Minister Tipu Munshi.
“The differences of duty regime is pushing the trade imbalance between Bangladesh and Brazil further regularly,” he said during meetings with Brazilian Commerce Minister and State Minister for Foreign Trade in the first phase of his visit to the MERCOSUR, the Southern Common Market comprising of Brazil, Argentina, Paraguay and Uruguay, according to a commerce ministry release received here on Thursday.
During the meetings, Tipu told the Brazilian ministers that Brazil should not only reduce the higher import duty but also the sincere cooperation of the government and Brazilian importers are needed to narrow the existing trade deficit of Bangladesh.
Saying that the FTA would boost the export of Bangladeshi RMG to Brazil, he expressed hope that the country would consider with high priority while the FTA proposal would be placed in the upcoming MERCOSUR conference.
Bangladesh will place proposal to Brazil for signing free trade agreement (FTA) in the upcoming MERCOSUR conference, the alliance of Southern Common Market, to boost bilateral trade.Bangladesh, the second largest exporter of readymade garment (RMG) in the world, could not export as per the prospect due to high duty though its RMG, pharmaceutical and few other products have a huge demand in Brazil, said Commerce Minister Tipu Munshi.
“The differences of duty regime is pushing the trade imbalance between Bangladesh and Brazil further regularly,” he said during meetings with Brazilian Commerce Minister and State Minister for Foreign Trade in the first phase of his visit to the MERCOSUR, the Southern Common Market comprising of Brazil, Argentina, Paraguay and Uruguay, according to a commerce ministry release received here on Thursday.
During the meetings, Tipu told the Brazilian ministers that Brazil should not only reduce the higher import duty but also the sincere cooperation of the government and Brazilian importers are needed to narrow the existing trade deficit of Bangladesh.
Saying that the FTA would boost the export of Bangladeshi RMG to Brazil, he expressed hope that the country would consider with high priority while the FTA proposal would be placed in the upcoming MERCOSUR conference.
