Stakeholders: Bangladesh should simplify banking with Russia for better trade

Bangladeshi businessmen have stressed simplified banking cooperation including currency swap agreements between the two central banks of Bangladesh and Russia to help expand bilateral trade between the two nations.

Md Habib Ullah Dawn, president, Commonwealth of Independent States - Bangladesh Chamber of Commerce and Industry (CIS-BCCI), said this at a meeting with Dr Aleksandr Rybas, trade representative of Russia in India, concurrently accredited to Bangladesh on Tuesday.

“The existing banking system between Bangladesh and Russia needs to be simplified to help expand the bilateral trade between the two counties that is below potentials,” said Md Habib Ullah Dawn. 

He said that Dhaka and Moscow signed an agreement on establishing the Intergovernmental Commission (IGC) on trade, economic, scientific and technical cooperation, which in turn, will provide an effective platform for advancing the bilateral trade and economic cooperation between Russia and Bangladesh.

Habib Ullah strongly advocated for setting up necessary infrastructures including warehouses and distribution networks to bring the goods and services near the consumers at both ends. 

“The free trade agreement (FTA) with Eurasian Economic Union (EAEU) also will provide duty-free access to Russia on a reciprocal basis,” he said.

The CIS-BCCI president emphasized taking up joint action for the harmonization of mutual trade rules, regulatory measures and streamlining bilateral institutional cooperation in the respective fields.

The President of CIS-BCCI highlighted various activities of CIS-BCCI in order to explore the potential of the CIS market including Russia as a third market of Bangladesh’s export after the USA, EU

Dr Aleksandr Rybas reciprocated the spirit of cordial bilateral trade relations and assured the chamber of forwarding the suggestions to the Russian government.

He hoped that Intergovernmental Commission (IGC)  will hold the next  meeting  in December and take follow-up action on these pertinent issues

CIS-BCCI Senior Vice President Mohammad Ali Deen; Vice President Jadab Debnath; Advisers Manzur Ahmed and Mahbub Islam Runu; Directors Tauhida Sultana, Shafquat Haider, Dr Joshoda Jibon Deb Nath, Md Enamul Haque, Salma Hossain Ash, Sheikh Fayez Alam, Abdul Latif Sarker; Secretary of the chamber Mustafa Mohiuddin were present during the meeting. 

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