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MoU with EEU states in March to spur trade

FE Report | February 27, 2019 00:00:00

Bangladesh will sign a memorandum of understanding (MoU) with the Eurasian Economic Union (EEU) member states at the end of next March.

Commerce minister Tipu Munshi said this to reporters after at his secretariat office on Tuesday.

Earlier, Russian Ambassador in Dhaka Alexander I Ignatov visited him there.

Mr Munshi said there is a long-time economic and trade relationship between Bangladesh and Russia.

But trade volume between the two countries did not increase at an expected level due to some complexities, he mentioned.

The minister said the EEU comprises five northern Eurasian nations. A single state cannot trade smoothly. For this, Dhaka is ready to sign an MoU next month.

The banking ties between Bangladesh and Russia would start after the signing of the MoU, he hoped.

There would be no trade complexities in eastern European countries, including Russia, once the deal is done, Mr Munshi added.

Russia is a major export destination for Bangladesh. Local goods like apparel, seafood, potato and medicine are in demand in the Russian market, he cited.

The MoU would open up huge trade opportunities and new horizons for Bangladeshi trade sector.

The export of Bangladeshi products to Russia has increased fivefold in the past five years, amounting to $314.292 million in fiscal year 2015-2016.

Mr Ignatov said Russia has a large volume of investment here. All trade barriers would go after signing an MoU between Bangladesh and Russia next month.

Commerce secretary Md Mofizul Islam and senior ministry officials were also present at the media briefing.

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