Govt seeks duty-free access to Brazil
Bangladesh has sought duty-free access for its products shipped to Brazil to reduce the bilateral trade gap.
Government and businesses representatives made the call at a seminar and a business-to-business matchmaking event at InterContinental Dhaka yesterday, where Brazilian Foreign Affairs Minister Mauro Vieira was present as the guest of honour.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Brazil-Bangladesh Chamber of Commerce and Industry (BBCCI) jointly organised the programme.
Addressing the event, FBCCI leaders said Bangladesh's exports to Brazil in fiscal year 2022-23 amounted to $0.17 billion while imports $2.59 billion.
The tariff on Bangladeshi products in the Brazilian market is 35 percent, which is a major barrier to reducing the bilateral trade gap, they said.
Speaking as the special guest, State Minister for Commerce Ahasanul Islam Titu sought support from the Brazilian government, saying Bangladesh needs to diversify its trade portfolio.
"We will import more from Brazil and we will export more to the country. This should be the priorities in maintaining the relationship," he said.
"We allow Brazilian cotton, sugar and other products, at the same time we will have an easy market access to Brazil," he added.
Bangladesh is now considered a role model for its socioeconomic development, sustainable growth, women empowerment, poverty reduction, climate change mitigation, ICT and e-governance, Titu said.
Brazil, being the most influential country of South America and a rising economic power of the BRICS (Brazil, Russia, India, China and South Africa) countries, could be a new front for trade and investment from Bangladesh, he added.
Bangladesh also has geographical advantages, being the gateway of South Asia and the Association of Southeast Asian Nations and with very close connectivity with India especially with its northeast and China through Kunming.
"Considering the development as a business hub, Brazil can choose Bangladesh as their next destination for trade and investment. It is high time we take necessary steps to enhance our trade and investment by tapping into each other's strengths," Titu said.
In his speech, FBCCI President Mahbubul Alam said Brazil and Bangladesh have shared more than 50 years of outstanding bilateral relations, a testament to shared values, mutual respect and common development goals.
Urging the Brazilian government to provide free access to Bangladeshi products, he said Bangladesh has robust growth, strategic geographic location, and globally competitive sectors such as textiles, pharmaceuticals and technology, and is emerging as a global economic powerhouse.
Bangladesh has achieved remarkable progress over the last couple of years and the trade and investment scenario of the country proved to be very promising, said Mauro Vieira.
There is a lot of scope to enhance benefits through bilateral trade. Brazil is eager to export meat, wheat and agricultural products and looking forward to strengthen the trade ties.
Besides, there has been a lot of development in logistics, transport and communication and infrastructure sectors of Bangladesh, which opened up opportunities for business, trade and industrial expansion, he added.