Azerbaijan looks to boost trade ties with B\\\'desh

Azerbaijan, a central Asian country, has showed keen interest to promote and strengthen economic and trade relations with Bangladesh by signing a Trade and Economic Co-operation (TEC) accord, officials have said.
Azerbaijan already sent a draft of the agreement on TEC and expressed interest to form a joint working group comprising representatives from both the countries, said official sources at the Ministry of Commerce (MoC).
The official sources at the MoC said a meeting would be held on July 21 next to review the proposal of Azerbaijan.
"Additional secretary of the Economic Relations Division (ERD) of the Ministry of Finance (MoF) Mohammad Asif-Uz-Zaman will preside over the meeting to be attended by government officials concerned and the representatives of private sector," an additional secretary of MoC told the FE.
The representatives of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) will also attend the meeting.
According to the draft formulated by Azerbaijan, both sides will try to broaden their cooperation involving government bodies operating in the economic fields, professional organisations, business, federations, chambers, regional and local entities.
Officials said Azerbaijan prepared the draft aiming to upgrade their industrial sector, expanding establishment of new contacts and broadening the existing ones between the business circles.
The draft has stressed visits, meetings and other interactions between individuals and enterprises of both countries to ensure participation in fairs, business events, seminars, symposia and conferences.
"The contracting parties will work jointly for promoting participation of small and medium (SME) enterprises, encouraging investment activities, forming joint ventures, and establishment of company representations and branch offices," an official of the MoC said.   
They said the Joint Working Group would weigh the options of increasing and diversifying mutual trade relations between the two countries.
The exporters see the proposal of Azerbaijan as an opportunity of diversifying the export markets.  "We are looking for expanding our markets. In that sense, business ties with Azerbaijan will be a great opportunity for us," said Abdus Salam Murshedy, the president of Exporters Association of Bangladesh (EAB).
A small amount of readymade garments and pharmaceutical products are exported from Bangladesh to Azerbaijan.
According to the data of Export Promotion Bureau (EPB), products worth $ 0.13 million were exported from the country to Azerbaijan in the FY 2012-2013.