The government is keen to sign a trade deal with Afghanistan for exporting the demandable Bangladeshi products to the war-torn Asian country.
As part of its bid to explore new market across the world, Bangladesh government plans to sign an agreement with Afghanistan within this year, according to an official of the commerce ministry.
To this effect, commerce ministry will hold a maiden meeting today to discuss about the prospect of signing a bilateral trade deal between the two countries.
“At the scheduled meeting, we will discuss about the pros and corns of a possible trade deal between Bangladesh and Afghanistan,’’ said an official of the commerce ministry.
According to Export Promotion Bureau (EPB), Bangladesh exports frozen foods, agriculture commodities, chemical products, leather, raw jute, jute products, knitwear, woven and other export items. Bangladeshi businessmen, however, imports fruits, spices and readymade products.
Bangladesh had returned to a positive trade balance in the fiscal year 2003-04. During the fiscal year 2008-09, Bangladeshi business exported products worth US$360m to Afghanistan while businessmen from Afghanistan exported products of $118m to Bangladesh market.
Export Promotion Bureau (EPB) figures, however, showed that Bangladesh had trade deficit with Afghanistan in the fiscal years 2004-05 and 2007-08.
Trade analysis revealed the amount of trade volume between Bangladesh and Afghanistan is more or less same compared to the trade volume of Bangladesh and SAARC country Sri Lanka.
Bangladesh has trade deficit with most of the SAARC countries, Hedayetullah Al Mamoon, senior secretary to the commerce ministry, told the Dhaka Tribune yesterday.
“We are keen to increase trade volume with the ‘war-prone’ Afghanistan because there is a huge demand of Bangladeshi products,” he said. Mamoon said if the government signeda bilateral trade agreement with a country, it would help boost up the local exporters.
Bangladesh Tariff Commission has already conducted cost benefit analysis on a probable trade agreement between Bangladesh and Afghanistan, he added.
The country’s trade deficit was $1.67m and $1.25m with Afghanistan and Maldives respectively in the fiscal year 2013-14. Bangladesh is yet to reap trade benefitwith the SAARC countries even after signing the South Asian Free Trade Area (SAFTA).
Bangladeshi exports declined by 36% soon after Bangladesh exporters started getting duty free access. Besides, the country’s exports to Pakistan, Nepal and Bhutan also declined over the years.
