Bangladesh, Pakistan to form commission on trade, investment

Bangladesh and Pakistan have agreed to establish a new joint trade and investment commission to boost bilateral trade, Commerce Adviser Sk Bashir Uddin said yesterday.

The two sides will also revitalise the existing Joint Economic Commission (JEC), which has remained inactive for the past decade and a half, to enhance cooperation in trade, investment, and economic exchanges, he told reporters after a meeting with visiting Pakistani Commerce Minister Jam Kamal Khan at the commerce ministry in Dhaka.

During the talks, Bashir urged Pakistan to withdraw the anti-dumping duty it has imposed on Bangladesh's hydrogen peroxide exports.

He also sought duty-free access for one crore kilogrammes of Bangladeshi tea, a facility that had previously existed. In addition, he called for Pakistani cooperation in Bangladesh's leather and sugar industries.

The adviser noted that Bangladesh imports around $80 billion worth of goods annually, of which $15 billion goes to food items. Pakistan, he said, could be a reliable source to meet part of this demand.

Replying to a query from journalists regarding the import of goods from Pakistan, the adviser said that Bangladesh considers "almost all countries," including the USA and India, as potential suppliers.

Trade between the two countries is heavily tilted towards Pakistan, as Bangladesh imports industrial raw materials, rice, and intermediary goods for industrial use.
Bangladesh has scope to import stones and mineral resources from Pakistan.

Commerce Secretary Mahbubur Rahman added that both countries are now "engaging to ease trade and commerce" after years of limited progress.

Both Bangladesh and Pakistan may finalise some memorandums of understanding on trade and investment over the next three days during the stay of the Pakistani commerce minister in Dhaka.

Khan arrived in Dhaka yesterday on a four-day visit to discuss bilateral trade and investment between the two countries.

Meanwhile, in a separate development, Khan met with Taskeen Ahmed, president of the Dhaka Chamber of Commerce & Industry (DCCI), at the chamber's office in Dhaka yesterday.

During the meeting, the Pakistani minister said the two countries have significant potential to work together in diversifying their export baskets to capture major markets in Europe, Canada, and the United States.

He noted that both countries currently rely heavily on the apparel and textile sectors for exports.

He pointed out that in Europe, Canada, and even in the United States, demand for reused clothing has recently surged and is gaining popularity.

Entrepreneurs from both Pakistan and Bangladesh, he suggested, could collaborate to tap into this growing market.

He also announced that a "Single Country Exhibition" of Pakistani products will soon be organised in Bangladesh to strengthen private-sector ties between the two nations.