Dhaka mulls signing FTA with Kuala Lumpur

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FE Report
Foreign adviser foreign Iftekhar Ahmed Chowdhury expressed Dhaka's intention to sign a free trade agreement (FTA) with Kuala Lumpur for fostering bilateral trade and economic cooperation between the two nations.
"The government is considering signing a bilateral FTA between Bangladesh and Malaysia in a bid to help boost trade and economic relations between the two friendly countries," the adviser said.
He was speaking at the inaugural function of a three-day Showcase Malaysia 2008, which began at the city's Dhaka Sheraton Hotel. The Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI), Malaysian High Commission in Bangladesh and Malaysia South-South Association are jointly organising the exclusive Malaysian trade show.
Home Affairs Secretary Md. Abdul Karim, Malaysian High Commissioner in Dhaka Dato Abdul Malek Bin Abdul Aziz, BMCCI honorary Secretary General Syed Moazzam Hossain also spoke on the occasion with the BMCCI president Salahuddin Kasem Khan in the chair.
Talking to newsmen in the sideline of the fair inaugural ceremony, the foreign adviser said the government has taken necessary steps to resolve the crisis that are being faced by some Bangladeshi workers in Malaysia.
"An advisory body has already been formed to look into the problems of our workers living in Malaysia," he said, adding that authorities of both the countries had reached a consensus, under which Bangladeshi workers could change jobs from one company to another.
However, the government is holding talks with some other countries including Saudi Arabia and Kuwait in order to create more job opportunities for Bangladeshi workers there, Iftekhar added.
He also expressed the hope that the Showcase Malaysia would create an opportunity for the businessmen of Bangladesh and Malaysia to interact directly to materialise their business deals and also explore further areas of cooperation.
The adviser also urged the BMCCI to work closely with the governments of both the countries for further enhancement of trade and investment between the two countries.
The Malaysian High Commissioner also said there Bangladesh and Malaysia have long been maintaining strong political and cultural relations. Now business communities of the two countries should focus more on trade and investment, he observed.
He, however, said the bilateral merchandise trades between Malaysia and Bangladesh have increased over the last few years with both-way trade exceeding US$ 500.
The BMCCI president, however, emphasised on the need to reduce the prevailing trade deficit between the two countries, which is largely in favour of Malaysia.
Malaysia's exports to Bangladesh accounts for $ 420 million a year against its annual imports from Bangladesh of only $ 80 million, the function was told.
Meanwhile, the Showcase Malaysia is being held first of its kind in Bangladesh to create an avenue for business communities of Bangladesh and Malaysia to establish and foster business linkages and collaborations.
According to the organisers, some 50 Malaysian companies belonging to diverse ranges of sectors will take part in the Showcase with their products and services.
Palm oil, furniture, banking, herbal products, education, generators, household items and home appliances, telecommunication, food and beverages, automotive products, personal care products, gift and decorative items, tours and travels, pharmaceutical products, electrical and electronics products, health supplements and medical services, drinks vending machines, lead acid batteries etc. will be put on display in the trade fair, they mentioned.
Besides, a high-profile trade mission from Malaysia has already arrived in Bangladesh to hold one-to-one talks with local entrepreneurs.