Tariff barriers should be removed for higher trade with Pakistan: DCCI
The tariff and non-tariff trade barriers between Bangladesh and Pakistan should be removed to increase bilateral trade by utilising the opportunities between the two Saarc nations, according to Shams Mahmud, president of the Dhaka Chamber of Commerce and Industry (DCCI).
In fiscal 2019-20, bilateral trade between Bangladesh and Pakistan was $543.90 million, of which Bangladeshi exports to Pakistan amounted to $50.54 million while imports accounted for the rest.
Mahmud made these comments during a meeting with Imran Ahmed Siddiqui, Pakistan high commissioner to Bangladesh, at the DCCI office on Wednesday.
There are opportunities to expedite bilateral trade and explore new avenues of investment but to avail these benefits, the existing trade barriers need to be removed, Mahmud said.
The DCCI president also asked Pakistani buyers to import jute goods, IT and IT enabled services, pharmaceuticals, ceramics, garments, leather products and agro-food.
He went on to urge the Pakistani envoy to strengthen their chamber-to-chamber relations, regularly exchange trade missions, organise trade fairs, business-to-business meets and roadshows to boost trade between the two nations.
Easing business visa processes and removing tariff and non-tariff barriers will also facilitate more business-to-business interactions, Mahmud told the envoy.
Meanwhile, Siddiqui said Bangladesh recently achieved tremendous growth in the IT and IT enabled service sector.
Bangladeshi entrepreneurs should utilise this capacity and skill to invest in Pakistan, he added.
The Pakistani high commissioner also urged all Bangladeshi industrialists to import the various raw materials and textiles they require from Pakistan.
Bangladeshi investors in Pakistan could enjoy the advantages of using the China-Pakistan Economic Corridor to deliver their goods to China, central Asia and Russia easily at a cheaper rate, Siddiqui said.
He also emphasised on the need for joint collaboration, especially in research and technology and expertise transfer.