Latin America: Dhaka keen to expand trade, ties
Bangladesh is seeking to expand diplomatic and trade relations with Latin American countries in the wake of the Russia-Ukraine war that has disrupted the global supply chains.
Mozammel Haque, director general at the South America wing of the foreign ministry, told this correspondent that Bangladesh is eagerly seeking to open new markets, especially for pharmaceuticals, IT services, and leather goods as part of diversifying its export basket.
"South America has remained almost unexplored so far. So, we want to deepen our relations with the Latin American countries," he said.
"This is important as Bangladesh graduates out of LDC by 2026, when some trade privileges may be curtailed. Also, with the disruptions of supply chains following the Russia-Ukraine war, all countries are looking for diversified sources and markets. Bangladesh is no exception," he added.
"Similarly, countries like Argentina and Mexico are also eager to boost relations with us. Bangladesh is also a large and growing market," Mozammel Haque said.
In January, Bangladesh's foreign ministry opened a new wing for South America. Two Latin American countries -- Argentina and Mexico -- are expected to open their embassies in Dhaka soon.
In Latin America, Bangladesh currently has embassies in Brazil and Mexico. Only Brazil, among Latin American countries, has its embassy in Bangladesh.
Argentine Minister of Foreign Affairs, International Trade and Worship Santiago Andrés Cafiero is arriving in Bangladesh today on a three-day visit. He is expected to announce the opening of his country's embassy here today.
The minister's first announcement on social media during the FIFA World Cup created a huge buzz as the Argentines were overwhelmed by the positive response from Bangladeshi fans supporting Argentina's national football team.
During his visit, Argentine foreign minister will call on Prime Minister Sheikh Hasina, Foreign Minister AK Abdul Momen, and Commerce Minister Tipu Munshi.
There is also the possibility of signing visa exemption agreements for diplomatic and official passports, and MoUs on cooperation in agriculture and diplomatic training academies between the two countries, Foreign Ministry Spokesperson Seheli Sabrin told reporters on Thursday.
The two countries are also working on an MoU to facilitate football training and exchange programme.
According to foreign ministry sources, Bangladesh wants to enter South America's powerful economic alliance Mercosur, the southern common market.
This can help boost Bangladesh's export to the region, they said.
Bilateral trade between Bangladesh and Argentina stood at around $900 million last year, when Argentina exported products worth $875.66 million to Bangladesh.
Foreign ministry officials said Bangladesh has a demand for lithium, olive oil, processed food, and raw materials of gold that Argentina could supply, while Argentina has a demand for textiles that Bangladesh could export.
Meanwhile, Mexican Minister for Interior and Exterior Relations Marcelo Ebrard will be visiting Bangladesh on March 7-8.
He is set to announce the opening of the Mexican embassy in Dhaka.
"In the past five years, the two-way trade multiplied by 100 percent to about $500 million, and Mexico is now eager to import pharmaceutical and IT products," said Federico Salas, Mexican Ambassador to Bangladesh, who is based in Delhi, told this correspondent during his recent visit to Dhaka.
Bangladesh's trade with Brazil has also increased significantly in recent times.
Import from Brazil went from more than $1.8 billion in 2021 to about $2.4 billion in 2022.
The export from Bangladesh to Brazil was about $110 million, which means there is a lot to do to increase exports.
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