Dhaka-Moscow to sign MoU for better trade

DHAKA, Feb 26, 2019 : Commerce Minister Tipu Munshi today said Bangladesh and Russia would sign memorandum of understanding (MoU) for better and expansionary bilateral trade.

The minister revealed this after a meeting with Russian Ambassador to Bangladesh Alexander Ignatov at his secretariat office.

Bangladesh and Russia have been maintaining longstanding economic and business relations, but the trade is yet to reach an expected level due to some complexities, he noted.

Tipu said the MoU, which is expected to be signed at the end of March, would help to open banking channels alongside the market. Bangladesh can increase the export volume of readymade garment, sea food, potato and pharmaceuticals to Russian market for the demand of these products, he added.

Echoing the commerce minister, Alexander Ignatov said they want to import these products from Bangladesh for their good demand in Russian market.

He said the MoU would pave the way for Bangladesh to expand its market in Russia. “Russia is keen to strengthen bilateral trade relations with Bangladesh, and exchanging tour of businessmen of both the countries would expedite it.”

Later, the Netherlands Ambassador to Bangladesh Harry Verweij also met with the Commerce Minister at his secretariat office. During the meeting, the minister told the envoy that the Netherlands is an important market for Bangladeshi RMG.

He said RMG factories have been modernized along with wage hike of labourers which required huge investment, but price of RMG did not increase in line with it. “So, fixing up the logical price of RMG is necessary,” he added.

In the last fiscal, Bangladesh’s export volume was $ 1,205 million against the import volume of $ 231.45 million.

Commerce secretary Mofizul Islam and additional secretary Tapan Kanti Ghosh were present.