Bangladesh missing out on $12b trade in CIS countries

Absence of commercial wings in Bangladesh's embassies has deprived the country of a unique opportunity to grab an annual trade worth US$ 12 billion in the commonwealth of independent states (CIS), officials said.  
The markets in CIS including Ukraine have remained unexplored for a long time as there are no commercial wings/commercial counselors/attachés in the country's embassies in the former Soviet Republics, they added.   
"Bangladesh could increase its business volume by at least US$2 billion from Ukraine and $10 billion from other countries of CIS had there been commercial wings/commercial attachés there," according to a letter sent by the Association of Humanitarian, Cultural and Economic Relation between Ukraine and Bangladesh to the ministry of commerce (MoC) recently said.  
The businessmen of the country have urged the government to set up commercial wings in the CIS considering huge export potential there.  
They think that commercial wings/attachés in the CIS will help strengthen businesses and lead to expanding bilateral trade.
"Commercial wings in our embassies will definitely help increase our trade and export," president of Dhaka Chamber of Commerce and Industry (DCCI) Abul Kasem Khan told the FE.  
The letter from Ukraine requested the Bangladesh government to set up commercial wings in each embassy or by creating position of honorary commercial attachés in CIS.  
There are, however, some complications related to customs that hamper smooth trade with CIS and the Russian Federation also. And the government has taken initiatives to address the problems, according to the MoC.  
"We are now actively considering to send a team to explore trade opportunities in the countries of CIS," senior secretary of the MoC Hedayetullah Al Mamoon told the FE.
The letter also urged the government for appointing commercial counselors from the business community and business chambers that would help flourish bilateral trade in a very short time.
"The business communities of the CIS along with Ukraine are keen to expand business with Bangladesh in the days to come," the letter said.
These countries have also offered infrastructural support to Bangladesh in setting up offices of commercial attachés there, it mentioned.
Bangladesh exported goods worth US$ 201.91 million to Ukraine while it imported goods worth $ 21,251.407 million during the fiscal year (FY) 2015-16, according to Bangladesh Bank and the Export Promotion Bureau.   
talhabinhabib@yahoo.com