Bangladesh has sought duty-free market access for its products to the Russian Federation to boost export and strengthen bilateral trade and economic relations.
Commerce Minister Tofail Ahmed met Levin Sergey Lvovich, the deputy minister of agriculture of the Russian Federation at his office in the capital on Sunday.
A delegation of Russian Federation lead by Lvovich met Tofail Ahmed to seek support of Bangladesh for its candidacy for hosting the World Expo 2025.
“We are enjoying Duty Free Quota Free (DFQF) market access European Union countries under Everything But Arms (EBA) trade facilities. I hope, the Russian Federation will provide duty free quota free for all Bangladeshi products,” said Tofail Ahmed.
Currently, a total of 71 Bangladeshi products are enjoying duty free market access to the Russian markets.
According to Export Promotion Bureau (EPB) data, Bangladesh exports to Russia stood at $465 million in the last fiscal year, while Russia’s export to Bangladesh was $437 million. Business relation is in favor of Bangladesh.
Seeking Bangladesh’s support for its candidacy, Lvovich said: “I hope that Bangladesh will support Russia’s bid to host World Expo 2025. I am sure it will give a huge impetus to the development of cooperation between our countries regions and nations.”
In response to the call, Tofail Ahmed said Russia is always in the mind of Bangladesh and it will consider the matter.
“Bangladesh-Russia Joint Trade Commission will hold meeting very soon. Issue of export through direct Letter of Credit (LC) and transaction through banking system would be resolved,” Alexander I. Ignatov, ambassador of the Russian Federation to Bangladesh said.
Currently, Bangladesh does not have banking transaction with Russia and also cannot open LC directly to export goods.