Push to ramp up BD's trade ties with D-8 countries

Both Pakistani and Nigerian business delegations met the Board of Directors of Dhaka Chamber of Commerce and Industry (DCCI) on Monday to discuss the strengthening of trade and investment among D-8 (Developing-8) countries.
The Pakistani team, led by Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Irfan Iqbal Sheikh, and Nigerian High Commissioner in Dhaka Ahmed Sule, visited the DCCI separately.
Pakistan, Nigeria and Bangladesh are the members of the D-8, an economic bloc for development cooperation among eight countries.
Egypt, Indonesia, Iran, Malaysia and Turkey are other member nations of the organisation.
D-8 was establishment officially through the Istanbul Declaration of the Summit of Heads of State and Government on 15 June 1997.
The objectives of 'D-8 Organisation for Economic Cooperation' are to improve member states' position in the global economy, diversify and create new opportunities in trade relations, enhance participation in decision-making at international level and improve standards of living.
DCCI Acting President Monowar Hossain chaired both the meetings held at the DCCI Gulshan Centre.
He said the bilateral trade between Pakistan and Bangladesh in fiscal year 2010-21 was $585.41 million which tilted in favour of Pakistan.
The businesses of both countries should make a way out to reduce the current trade imbalance, he added.
He also underscored the importance of having a close liaison among business communities, regional trade enhancement, and joint research and development.
Policy reforms, development of communication infrastructure, resolving tariff and non-tariff barriers among D-8 countries were also other issues tabled by Mr Hossain.
Meanwhile, the FPCCI president said Bangladesh and Pakistan could improve bilateral trade using regional integration.
In the last couple of years, he cites, both countries are becoming regional powers in the ICT sector, especially in software export.
Mr Sheikh says there is good potential for Bangladesh's world-class medicine, apparel, agro-products, jute and jute goods, halal products and ceramics in Pakistan.
"Both Bangladesh and Pakistan could make profit by growing business relations," he adds.
In a separate meeting, the Nigerian envoy said bilateral trade of Nigeria with Bangladesh was $79.76 million in FY21, of which Bangladesh imported products worth $71.53 million from Nigeria.
According to Mr Sule, Nigeria is taking various steps to develop the ease-of-doing-business index to attract more foreign direct investment.
Bangladesh has showed much progress in capacity building of small and medium enterprises (SMEs) from which Nigerian entrepreneurs could learn to develop their SMEs, he says.
Mr Sule proposes to organise B2B (business-to-business) match-making between SMEs of Bangladesh and Nigeria.
Mr Sule also echoes that Bangladeshi ready-made garment and pharmaceutical products have huge potential in Nigeria.
DCCI Acting President Monowar Hossain suggested establishing a 'Bangladesh-Nigeria Business Council' to further explore trade and investment opportunities.

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