A new horizon is set to open in the bilateral trade relationship between Pakistan and Bangladesh, two major economic powers of South Asia. A major government-level memorandum of understanding (MoU) is to be signed to ease the import and export of essential food and agricultural products such as rice, pulses, edible oil and jute between the two countries.
The decision was taken at a recent high-level bilateral meeting at Bangladesh’s Ministry of Industries. A Pakistani delegation led by the chairman of the Trading Corporation of Pakistan (TCP), Asim Azim Siddiqui, took part in the meeting during a visit to Bangladesh. Present on the Bangladesh side were the commerce, industries, textiles and jute minister, Abdul Muktadir, and senior officials of the Trading Corporation of Bangladesh (TCB).
Speaking to Pakistan’s leading outlet The Express Tribune, TCP chairman Asim Azim Siddiqui said Pakistan was very keen to export rice, masoor lentils, chickpeas, fertilizer, edible oil and other agricultural products to Bangladesh, while Pakistan’s industrial sector had huge demand for Bangladesh’s high-quality jute and jute products. He also said Pakistan had offered to help supply goods to Bangladesh at competitive prices from the international market within a legal framework. Both sides agreed to make the Pakistan-Bangladesh joint working group more dynamic and to increase the exchange of trade delegations.
The TCP chairman said: “The main aim of this visit was to strengthen bilateral trade, increase cooperation in food supply and expand industrial-sector partnership.” Bangladesh’s commerce and industries minister Abdul Muktadir laid special emphasis on strong trade ties for sustainable economic growth, noting that increased coordination between the public and private sectors would create new investment and business opportunities for both countries. The minister also said the current government was emphasizing various structural reforms to create a business-friendly environment, accelerate industrialization and ease trade, expressing hope that the reform process would help expand bilateral trade. Pakistan’s high commissioner to Bangladesh, Imran Haider, and senior officials of both countries were present at the meeting.
According to economic analysts, the initiative is very timely amid the current challenging global supply-chain situation. Pakistan’s surplus agricultural production can meet Bangladesh’s growing food demand and, particularly for rice and edible oil, further diversify Bangladesh’s import sources. Conversely, Bangladesh’s jute products could be an affordable and effective solution for Pakistan’s textile and packaging industries. If signed, the proposed MoU would remove much of the bureaucratic and procedural complexity between the two countries, and opening a direct government trade channel would make transactions smoother and faster, playing an important role in keeping prices stable and ensuring food security.
The food and agriculture understanding will not be limited to the exchange of goods. The two countries’ joint working group will now work on several specific issues to make trade more affordable and efficient: cutting tariff rates to reduce import and export costs, harmonizing the two countries’ quality standards to shorten clearance times, and improving transport through direct sea or air links. The initiative sends a positive message to South Asia’s regional economy, with both countries now seeking to build a stable and reliable supply chain in agriculture and light industry beyond their traditional relationship. The MoU is expected to be formally signed within the next few weeks, which would significantly increase the two countries’ overall trade volume.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report