Bangladesh-Indonesia JEC meeting starts in city from July 23 to boost bilateral trade
Wednesday, 18 July 2007
FE Report
The first meeting of Bangladesh and Indonesia Joint Economic Commission (JEC) will start in the city from July 23 with a view to boosting bilateral trade between the countries.
Official sources said, after formation of the JEC in 2004 between Dhaka and Jakarta, the first formal meeting of the new cooperation would be held on July 23-25.
Sources in the Commerce Ministry said, in the upcoming JEC meeting Dhaka would mainly request Jakarta to liberalise its trade regime for the Bangladeshi products, and to increase its investment here.
Besides, improvement of trade and commerce between the two countries would also get preference in the meeting in order to widen business among them.
Dhaka in the meeting would mainly request its counterpart to invest especially in the country's export processing zones (EPZs).
The sources said, only three investment proposals from Indonesia have so far been registered with the country's Board of Investment (BoI).
Meanwhile, an agreement is likely to be signed in the JEC meeting, under which the two countries would cooperate one another to develop bilateral trade and commerce, investment, tourism, defense and cultural exchange further.
Director General of Indonesian Foreign Ministry would lead their delegation, while Economic Relations Division (ERD) Secretary would head the Bangladesh side in the JEC meeting.
If the two sides agree in the preparation meeting on the first day of the JEC, discussion on free-trade agreement (FTA) issue between the two countries could also be held in the three-day meeting.
"As the government has taken new policy for boosting its trade with the east-Asian countries, the JEC meeting will help Bangladesh to implement its new strategy," the sources added.
Presently, the bilateral trade volume between the two Asian countries is very nominal. The two countries conduct trade worth Tk 5.09 billion (509 crore) in the 2005-06 fiscal, where Bangladesh was in the better position with its higher export volume than the import, Bangladesh Bank (BB) sources said.
The first meeting of Bangladesh and Indonesia Joint Economic Commission (JEC) will start in the city from July 23 with a view to boosting bilateral trade between the countries.
Official sources said, after formation of the JEC in 2004 between Dhaka and Jakarta, the first formal meeting of the new cooperation would be held on July 23-25.
Sources in the Commerce Ministry said, in the upcoming JEC meeting Dhaka would mainly request Jakarta to liberalise its trade regime for the Bangladeshi products, and to increase its investment here.
Besides, improvement of trade and commerce between the two countries would also get preference in the meeting in order to widen business among them.
Dhaka in the meeting would mainly request its counterpart to invest especially in the country's export processing zones (EPZs).
The sources said, only three investment proposals from Indonesia have so far been registered with the country's Board of Investment (BoI).
Meanwhile, an agreement is likely to be signed in the JEC meeting, under which the two countries would cooperate one another to develop bilateral trade and commerce, investment, tourism, defense and cultural exchange further.
Director General of Indonesian Foreign Ministry would lead their delegation, while Economic Relations Division (ERD) Secretary would head the Bangladesh side in the JEC meeting.
If the two sides agree in the preparation meeting on the first day of the JEC, discussion on free-trade agreement (FTA) issue between the two countries could also be held in the three-day meeting.
"As the government has taken new policy for boosting its trade with the east-Asian countries, the JEC meeting will help Bangladesh to implement its new strategy," the sources added.
Presently, the bilateral trade volume between the two Asian countries is very nominal. The two countries conduct trade worth Tk 5.09 billion (509 crore) in the 2005-06 fiscal, where Bangladesh was in the better position with its higher export volume than the import, Bangladesh Bank (BB) sources said.