Duty-free access for 19 products to Malaysian mkt to be sought
Wednesday, 5 May 2010
FE Report
Bangladesh is likely to seek duty-free access for 19 products to Malaysian market as the two countries are looking for ways to sign a Free Trade Agreement (FTA) by the end of this year, Commerce Minister Faruk Khan said Monday.
"We will seek duty free access for 19 exportable items including ready-made garments, pharmaceuticals, ceramics and halal meats from the Malaysian government to boost our export basket in the South East Asian nation", Faruk Khan said at a round table in the city.
"The two countries are set to sign a Memorandum of Understanding (MoU) in this regard during the upcoming visit of Prime Minister Sheikh Hasina to Kuala Lumpur, which will clear the way for the signing of an FTA in the near future", he added.
Malaysia is currently one of Bangladesh's major trading partners and the total amount of export to the ASEAN nation was recorded at US$ 31.28 million in the year 2008/09.
Major export items to the country include agricultural, chemical products and knitwear items.
"Products that are to be sought for duty free access usually have huge demand in the Malaysian market as they are mostly imported from abroad", Faruk Khan added.
The commerce minister said that there are scopes for Malaysian companies to invest in Bangladesh's infrastructure sector.
"Companies from Malaysia can also invest in energy sector, roads and highways and other infrastructure related areas as there is a great need for foreign investment in building up the country's necessary infrastructure", the minister said.
Focusing on the Prime Minister's upcoming visit to Malaysia for the sixth World Islamic Economic Forum, Faruk Khan said that it offers great opportunities for the country to strengthen its trade link with the Muslim nations.
"Seventeen per cent of the country's total import comes from the Muslim countries while they also account for only five per cent of the country's total export", the commerce minister said.
"Therefore, there are opportunities to increase our export to those nations while attracting more investment from them", he added.
Bangladesh is likely to seek duty-free access for 19 products to Malaysian market as the two countries are looking for ways to sign a Free Trade Agreement (FTA) by the end of this year, Commerce Minister Faruk Khan said Monday.
"We will seek duty free access for 19 exportable items including ready-made garments, pharmaceuticals, ceramics and halal meats from the Malaysian government to boost our export basket in the South East Asian nation", Faruk Khan said at a round table in the city.
"The two countries are set to sign a Memorandum of Understanding (MoU) in this regard during the upcoming visit of Prime Minister Sheikh Hasina to Kuala Lumpur, which will clear the way for the signing of an FTA in the near future", he added.
Malaysia is currently one of Bangladesh's major trading partners and the total amount of export to the ASEAN nation was recorded at US$ 31.28 million in the year 2008/09.
Major export items to the country include agricultural, chemical products and knitwear items.
"Products that are to be sought for duty free access usually have huge demand in the Malaysian market as they are mostly imported from abroad", Faruk Khan added.
The commerce minister said that there are scopes for Malaysian companies to invest in Bangladesh's infrastructure sector.
"Companies from Malaysia can also invest in energy sector, roads and highways and other infrastructure related areas as there is a great need for foreign investment in building up the country's necessary infrastructure", the minister said.
Focusing on the Prime Minister's upcoming visit to Malaysia for the sixth World Islamic Economic Forum, Faruk Khan said that it offers great opportunities for the country to strengthen its trade link with the Muslim nations.
"Seventeen per cent of the country's total import comes from the Muslim countries while they also account for only five per cent of the country's total export", the commerce minister said.
"Therefore, there are opportunities to increase our export to those nations while attracting more investment from them", he added.