Bangladesh Malaysia Free Trade Agreement

Prosinec 4, 2020 1:25 am Published by

Salman said a free trade agreement would help redress bilateral trade relations between Dhaka and Kuala Lumpur. Former BMCCI President Syed Nurul Islam stressed that lack of capacity was the main cause of the trade gap. Three years after graduation, Bangladesh could lose its duty-free export facility in its main export markets. Ibrahim said a free trade agreement would help boost trade and investment between the two friendly nations. They also stress the need for a free trade agreement with Malaysia to further strengthen bilateral trade relations. Bilateral trade will be boosted after the signing of the free trade agreement, he said. To reduce the gap, the official said Bangladesh would seek duty-free access to its products such as jute and jute, leather and leather products, pharmaceuticals, frozen foods, electrical cables and tea. There are certainly opportunities for bilateral trade between Bangladesh and Malaysia to grow much faster, the senior economist added. At present, two-lane trade is heavily tilted towards Malaysia.

Kuala Lumpur`s export bill was $254.66 million, compared to $8.66 million in 2003-04. Two-way trade between the two countries amounted to $1.19 billion in 2012. [4] Malaysia is also one of the largest foreign investors in Bangladesh. [5] August 18, 2020: Bangladesh urges Malaysia to begin formal negotiations for the signing of a free trade area or free trade agreement, both of which have reached such an agreement to promote bilateral trade, officials say. It called on the Bangladesh Trade and Customs Commission (BTTC) to update existing policy directions for the 2010 free trade agreement by integrating changing models of secular and national trade. The focus will be on trade in services to ensure the free movement of people in Malaysia in order to create employment for its young wealthy population. Bilateral relations between the two countries are also improving in the economic field. In 2012, the two countries signed a Memorandum of Understanding for the construction of the Padma Bridge, which, once completed, is considered Bangladesh`s largest bridge.

[19] A free trade agreement was also proposed for both countries to boost the pharmaceutical, clothing and tourism sectors in Bangladeshi countries, while Malaysia would benefit greatly from future infrastructure projects developed by the Government of Bangladesh. [20] Malaysia is also considered the third largest investment partner in Bangladesh, after India and Pakistan invested with Malaysian companies in the telecommunications, power generation, textile and finance sectors, worth about MYR 558.86 million. [5] Since 2010, all workers in Malaysia in Bangladesh had returned a total of MYR 3 billion to their homes, the highest value compared to other workers in Indonesia (2.9 billion MYR), Nepal (1.9 billion MYR), India (MYR625 million) and the Philippines (561 million MYR). [17] The top five exports of Malaysian products to Bangladesh are refined petroleum products, palm oil, chemicals, iron and steel and electrical and electronic products in Bangladesh, textiles and clothing, refined petroleum products, vegetables, processed foodstuffs, seafood and electrical and electronic products. [21] For a period from January to July 2020, despite the COVID-19 challenge, trade has cooled, but remains robust.

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This post was written by Bibi

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