Talha Bin Habib Russia has proposed to Bangladesh to form a Joint Trade Commission (JTC) aiming to boost bilateral trade, a high official said. With this end in view a high-powered Russian business delegation will visit Bangladesh soon. "Russia has proposed to us to form a JTC to boost bilateral trade," Commerce Secretary Mahbub Ahmed told the FE. A 14-member trade delegation, led by the commerce secretary, visited five countries including Russia recently to explore new export markets for Bangladeshi products. The other countries the delegation visited are Uzbekistan, Kyrgyzstan, Ukraine and Kazakhstan. The commerce secretary said during the discussions, the Russian officials expressed their interest for further increase of bilateral trade. "We had fruitful talks with the Russian government officials and businessmen. We requested them to give us duty-free and quota-free access for our products to their market. They assured us of considering the matter seriously," he said. He said Russia, Belarus and Kazakhstan are the members of a customs union. "We have applied to the customs union for duty-free and quota-free market access for our products to those countries," Mr Mahbub said. He said they held talks with the trade leaders of Russia and they expressed their interest to do business with Bangladesh. He said Ukraine also expressed its interest to establish a JTC with Bangladesh. "Ukraine offered us land to open Bangladesh Trade Centre in Kiev and establish a JTC," he said. The commerce secretary said their visits to the five countries were aimed at market diversification of Bangladeshi products. He said Bangladeshi pharmaceuticals, jute and jute goods, shrimp and garment items have a wide demand in Russia, Uzbekistan, Kyrgyzstan, Ukraine and Kazakhstan. Bangladesh is dependent on a few markers for export of its products. To reduce the dependency, it is necessary to reach new markets with new products. Russian Deputy Minister for Industry and Trade Yuri Slyusar at a meeting with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) last month in the capital said Russia wants to augment bilateral trade with Bangladesh to US$ 1.0 billion within a few years. The present trade volume between Bangladesh and Russia is around $ 543.59 million, and the balance is tilted towards Russia. Bangladesh imported goods worth US$ 335.30 million from Russia and exported $ 208.29 million worth of products during the fiscal year 2012-13.
Russia for forming JTC with B'desh
FE Team | Published: October 21, 2013 00:00:00 | Updated: February 01, 2018 00:00:00
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