Dhaka pushes for jt trade meeting with Yangon

Syful Islam | Published: March 16, 2011 00:00:00 | Updated: February 01, 2018 00:00:00

Syful Islam
Bangladesh is interested to hold the joint trade commission (JTC) meeting with Myanmar sooner to boost imports from the Southeast Asian nation, which could ease Dhaka's commodity price, trade officials said. The government had earlier asked the commercial counsellor in Yangon to get schedule from the Myanmar authority immediately for holding the JTC meeting. The Bangladesh embassy in Myanmar informed the commerce ministry that the meeting could be held in the third or the fourth week of next month. "We are yet to receive any schedule from Myanmar but expect to get it shortly," commerce secretary M Ghulam Hossain told the FE Tuesday. The last meting of the JTC was held on September 22-23 last year in Dhaka. The next meeting is scheduled to be held in Yangon. At JTC the commerce secretary heads the Bangladesh delegation while the deputy commerce minister of Myanmar leads its side. Commerce ministry officials said Myanmar has vast lands unutilised, where there is scope to produce food grain. Being handicapped by various international sanctions the army-ruled nation can hardly trade with western countries. It has very nominal trade with some regional countries like China, Thailand, India and Bangladesh. "Bangladesh can import essential commodities like rice, lentil, spices vegetables, prepared food, and fish at lower prices from Myanmar, which can help ease commodity prices in the country," a senior trade official said "So, we want to remove trade hurdles and expedite trade with Myanmar," he added. "Myanmar has the capacity to supply essential items as much as Bangladesh wants. So, if we request them, they will be able to produce and supply items according to our requirement," he said. Bangladesh had earlier planned farming in Myanmar leasing its land. But the effort limped due to bureaucratic complexities. Officials said the next meeting will review the progress in banking arrangement between the two countries. Currently, Bangladesh and Myanmar, both members of the Asian Clearing Union (ACU), settle trade -related payments through Sonali Bank and the National Bank of Myanmar with help from banks in Singapore. At present, traders of the two countries can open L/C up to $20,000 against the trading of essential commodities while the limit for other commodities is $10,000. Bangladeshi businessmen have been demanding an increase in both the limits. The meeting will also review the customs procedures in the export-import trade between the two countries. At the last JTC meeting the two sides had discussed plying of vessels between the two countries to cut transport costs. Joint Secretary of the Ministry of Shipping Md Alauddin told the FE Tuesday that Bangladesh had sent a list of 25 vessels but was yet to receive such a list from Myanmar. "We will again submit a list of ships in the next meeting and request them to supply a similar list to establish water route," he said. Bilateral trade between the two countries has always favoured Myanmar. Dhaka's export of pharmaceuticals, leather, woven garments and manufactured goods to Myanmar was worth US$9.17 million in 2008-09 fiscal while it imported, mainly vegetables, prepared food and fish worth US$66.65 million from Myanmar.