The Brazilian foreign minister is visiting Dhaka for the first time, marking a milestone in bilateral relations between the countries.
Strengthening ties can lead to various opportunities, especially in terms of trade and investment, analysts say.
Mauro Vieira will arrive on Sunday on a two-day visit when he will call on Prime Minister Sheikh Hasina and have a bilateral meeting with his counterpart Dr Hasan Mahmud.
He will lead a large business delegation and speak before the Bangladesh business leaders at the apex chamber FBCCI organized event on Monday.
Hasan Mahmud termed the visit “significant” in the bilateral relations.
Both sides may explore avenues for enhancing trade relations, signing agreements or memorandums of understanding (MoUs) to facilitate trade and investment, and discussing ways to deepen cooperation in areas of mutual interest.
Specifically, four deals – one agreement and three MoUs – related to sports, agriculture and defence sector cooperation would be signed during the visit.
Brazil established diplomatic relations with Bangladesh in 1972 soon after the victory on December 16, 1971. Brazil is a household name in Bangladesh due to its prominence in football.
Brazilian Ambassador in Dhaka Paulo Fernando Dias Feres recently said the two-way trade crossed $2 billion “without institutional help”.
"So, we believe it is high time to give it a push," he had said, observing that both politically and economically, Bangladesh is receiving much more attention from Brasilia.
The country is becoming better known among the Brazilian public who wear more and more “Made in Bangladesh” garments.
Bangladesh mainly imports soya, soybean oil, cotton and sugar, worth over $2 billion. The export of ready-made garments is about $200 million.
However, Bangladesh does not get any duty-free market access.
During the visit, the Bangladesh side will request for duty-free market access of ready-made clothes.
The foreign minister also acknowledged that the South American market remained unexplored.
“Brazil is a big country and their purchasing power is also big. So, we have scopes to enhance our trade relations,” Hasan Mahmud said.
Brazil and Bangladesh, despite being geographically distant, share common interests and potentials for collaboration in various sectors such as agriculture, textiles, technology, and renewable energy.
Increased bilateral cooperation can benefit both nations economically and diplomatically, analysts say. Brazil is a key member of the BRICS and G20. Bangladesh takes interest in both the international platforms. Rio de Janeiro will host the next G20 Summit in November.
Furthermore, cultural exchanges and people-to-people connections can also foster stronger ties between the two nations.
On the sidelines of last year’s BRICS summit in Johannesburg, President Lulu and Prime Minister Sheikh Hasina agreed to improve cooperation on trade, livestock, agribusiness, energy, infrastructure, and ICT, among other sectors.
After the parliamentary election in Bangladesh on January 7, 2024, Brazil congratulated Prime Minister Sheikh Hasina for her victory in the election and expressed its willingness to continue deepening relations in favour of development of both countries, the promotion of South-South cooperation, and the fight against poverty, hunger and climate crisis.