To say that Bangladesh’s trade partners have been instrumental in the continued upward trajectory of our economy would be an understatement -- given our nation’s economic potential and foreign policies based on mutual growth and respect, it is no big secret that our trade partners are continuously seeking newer avenues to increase trade.
Which is why the interest expressed by Malaysia -- the first Muslim country to recognize Bangladesh as a sovereign state back in 1972 -- in signing a Free Trade Agreement (FTA) with Bangladesh is so welcome.
Last year, two-way trade between the two nations stood at $2.78 billion with the volume of exports from Bangladesh to Malaysia standing at $330.3 million. While there is certainly a trade imbalance at play, the potential signing of an FTA could go some way towards leveling the playing field.
While agricultural products and RMG comprise the bulk of our exports to Malaysia, this is the point where we once again stress just how important it is for Bangladesh to diversify its export basket. The country is doing itself a disservice by allowing our export basket to remain as stagnant as it is -- there is no justifiable reason why a country such as Malaysia would only be interested in two types of products from Bangladesh when there are so many promising manufacturing sectors.
An FTA with Malaysia would certainly also help Bangladesh in terms of meeting the challenges posed by our imminent graduation away from LDC status, which is why it is equally imperative that the government start exploring similar deals with other nations without delay.
It would be impossible for our country to achieve its long-term economic ambitions without stressing on bilateral trade. We must seize every opportunity we can get.
