Bangladesh’s business community has appealed to Brazil to address lingering anti-dumping measures on sacks, jute bags, and jute yarn, while advocating for duty-free access for readymade garments (RMG) to narrow the trade gap between the two nations.

Speaking at a meeting organised by the Federation of Bangladesh Chambers of Commerce & Industries (FBCCI) and the Brazil Bangladesh Chamber of Commerce and Industry (BBCCI), Mahbubul Alam, FBCCI president stressed the need to unlock the full potential of bilateral trade by removing the hurdles.

The event, titled ‘Facilitating Trade between Bangladesh and Brazil,’ aimed to streamline customs processes, enhance logistics, and establish direct shipping routes to reduce costs and time for traders and investors.

Despite Bangladesh’s exports to Brazil reaching $0.17 billion in fiscal year 2022-23, imports from Brazil stood at $2.59 billion, reflecting an imbalance.

Main exports to Brazil include knitwear, woven garments, jute goods, footwear, and pharmaceuticals, while key imports comprise prepared foodstuffs, textiles, iron and steel products, and machinery.

Currently, a 25 per cent tariff impedes apparel exports from Bangladesh to Brazil.

Both countries acknowledged potential synergies, with Bangladesh’s RMG industry poised to benefit from Brazil’s quality cotton, and Brazil seeing opportunities in Bangladesh’s pharmaceutical sector, offering affordable medicines and healthcare solutions.

Highlighted sectors with significant trade potential included RMG, pharmaceuticals, healthcare, jute goods, food, and agriculture.

Ahasanul Islam Titu, state minister for commerce, Paulo Fernando Dias Feres, Brazilian ambassador to Bangladesh, and Shahriar Ahmed, president of the Brazil-Bangladesh Chamber of Commerce and Industry also underlined the importance of exploring preferential or free trade agreements for mutual benefit.

The meeting provided a platform for constructive dialogue, underscoring the shared commitment to enhancing bilateral trade relations and fostering economic growth for both nations.

Fibre2Fashion News Desk (DR)

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