Ministers stress Dhaka-Kuala Lumpur’s aggressive role to close trade gap: ‘Dhaka wants to move cautiously on FTA to keep local industry unhurt’

AKM Moinuddin, UNB Staff Writer from Malaysia Kuala Lumpur, July 13 (UNB) – Dhaka and Kuala Lumpur should have an ‘equal aggressive role’ to minimise the chronic trade gap between the two brotherly countries and strengthen business and social ties, ministers of both the countries said here on Friday. They pointed out some structural issues that need to be addressed urgently to boost trade between the two countries and narrow the trade gap that is heavily in favour of Malaysia right now. In 1993-94, Bangladesh exported products worth US$ 5.43 million to Malaysia while imported US$ 56.39 million. In 2010-2011, Bangladesh exported US$ 43.87 million while imported US$ 1759.60 million. “There’re some structural issues that need to be addressed…there’s trade gap and we wish to narrow it…you (Bangladesh) need to produce the products what we need. Be more aggressive to promote your products in Malaysia,” International Trade and Industry Minister, Malaysia Datuk Mustapa Mohamed said at the inaugural session of Showcase Bangladesh’12 here in Merdeka Square. On the proposed FTA (free trade agreement) with Bangladesh, Mohamed said they are working on the matter. “There’ll be some progress over it within next two months.” Bangladesh Commerce Minister GM Quader, Environment and Forests Minister Dr Hasan Mahmud attended the session as special guests held with Bangladesh-Malaysia Chamber of Commerce and industry (BMCCI) President Syed Nurul Islam in the chair. Bangladesh High Commissioner to Malaysia AKM Atiqur Rahman, fair organising committee chairman Syed Moazzem Hossain and BMCCI secretary general architect M Alamgir Jalil also spoke on the occasion. Commerce Minister GM Quader said, “We strongly believe that there are potentials for more Bangladeshi products in the Malaysian market.” He said though the Malaysian market is rather free, there are some non-tariff barriers in the form of import licensing/permit and standardisation requirements for agricultural and food products. “That’s why our exporters are facing difficulties to tap the full potentials. We hope these barriers can be eliminated through negotiations.” The Commerce Minister called upon Malaysian investors to undertake new ventures of investment in Bangladesh’s fast growing manufacturing, services and infrastructure sectors. “Malaysia is one of the largest investors in Bangladesh…though 84 Malaysian companies have already invested in Bangladesh, there’s still enough scope for further investment.” GM Quader said closer cooperation in investment and trade between the two countries would bring immense impact on the development of the two countries. “You’ll huge investment potentials in Bangladesh, even in tourism sector.” On the proposed FTA he said, “We need to negotiate…we’re trying to go step by step…people will be benefited if the FTA is signed but we need to move cautiously so that our local industry doesn’t get hurt.” The Commerce Minister said Bangladesh is keen to strengthen political, economic and commercial ties with Malaysia so that people of both countries benefit out of it. Dr Hasan Mahmud said, “Bangladesh is a fertile place for investment. We’ve created investment-friendly environment and Bangladesh is an ideal place for Malaysia for further investment.” “We’ve trade gap…the gap has to be narrowed down for mutual benefit. We can bring more success together,” the Minister added. He also said strengthening people-to-people contact and business ties is important for mutual benefit. “People-to-people contact and business ties between the two countries are very strong and old. It’s need to be strengthened for mutual benefit.” Bangladesh Malaysia Chamber of Commerce and Industry (BMCCI) in collaboration with Bangladesh High Commission in Malaysia, Malaysia South-South Association, Malaysia External Trade Development Corporation has arranged the three-day trade show. Special Envoy for Infrastructure (India and South Asia), Malaysia, Dato Seri S Samy Vellu is expected to present as the chief guest in the ‘Bangladesh Cultural Night,’ the concluding session of the fair. Besides, a cultural show will be arranged to highlight the cultural heritage of Bangladesh. Some 25,000 expatriates Bangladeshis are expected to enjoy the event. http://www.unbconnect.com/component/news/task-show/id-82096