Inter-ministerial review of bilateral trade, investment tomorrow

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Naim-Ul-Karim
An inter-ministerial meeting will be held tomorrow (Monday) to assess the position of Bangladesh in bilateral trade, commerce and investment with the next-door neighbour, Myanmar, ahead of the second Joint Trade Commission (JTC) meeting scheduled for November 12 next in Dhaka, sources said.
The second JTC meeting is aimed at bolstering the bilateral trade between the two countries.
"We have requested all concerned, scheduled to attend the meeting, to come with their specific proposals in order to country's strategy over those at the JTC dialogue," a commerce ministry official said.
He said the upcoming JTC meeting will discuss, among others, the mechanism for country's investment in Myanmar's farming sector, avoidance of double taxation, establishment of direct sea link and easing visa regulations for Bangladeshi business people.
The progress in the construction of direct road link will also be discussed in the JTC meeting.
Myanmar and Bangladesh signed an agreement September this year based on a memorandum of understanding in 2004 to build 133-kilometre highway linking Buthidaung in Rakhine State of Myanmar and Ramu in Bangladesh part to promote border trade.
The road will help joint exploitation of the resources in a sub-regional cooperation setting. In case of emergency need for food, the route will provide Bangladesh a faster means for transporting food from Kunming, an emerging economic hub of China, and other Southeastern Asian countries, an official said.
During the JTC meeting, an official said Bangladesh will seek access for country's pharmaceuticals to the market of Myanmar.
He further said, "We will also discuss ways and means in the inter-ministerial meeting to narrow down the trade imbalance between the two countries, which favours Myanmar."
Hydrocarbon explosion, stopping cross boarder smuggling and mineral resources use related issues may also be discussed in the inter-ministerial meeting.
When asked, they said if the problem of double taxation is eliminated, trade is likely to boost manifold from existing level of US$60 million a year between the two countries.
Myanmar has a trade surplus of about US$20 million with Bangladesh.
Secretary of the Ministry of Commerce Feroz Ahmed will preside over the inter-ministerial meeting to be attended by secretaries of the Ministry of Foreign Affairs, the Finance Division, the Ministry of Home Affairs, the Ministry of Agriculture, the Ministry of Shipping, the Ministry of Commerce, the Internal Resources Division, chairman of the Land Port Authority, vice-chairman of the Export Promotion Bureau, director general of the Directorate of Marine Transport and the managing director of Sonali Bank.
Besides, presidents of trade bodies including Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), Chittagong Chamber of Commerce and Industry (CCCI), Bangladesh Association of Pharmaceuticals Industries (BAPI), Bangladesh-Myanmar Business Promotion Council, Cox's Bazar Chamber of Commerce and Industry and Teknaf Trade Association will also partake the meeting.