Minister urges Brazil to slash 35pc import duty

Commerce Minister Tipu Munshi requested the Brazilian government to reduce the existing 35 per cent import duty, so that Bangladeshi readymade garments (RMG) and other items can enter its market.

“If Brazil lowers the duty on import items, its people could get chance to buy world class Bangladeshi RMG at a reasonable price,” he said.

Tipu said it during a meeting with the leaders of São Paulo Chamber of Commerce recently, reports BSS citing a press release.

Mr Munshi was in the the South American country to visit MERCOSUR, the Southern Common Market comprised of Brazil, Argentina, Paraguay and Uruguay.

To this end, the commerce minister also sought sincere cooperation of Brazilian entrepreneurs and importers alongside the government to pave ways for Bangladeshi products into their market.

Referring to Bangladesh’s ongoing endeavour, he told the leaders of the trade body that the main trade barrier, high import duty can be reduced through signing free trade agreement (FTA).

The minister also invited Brazilian entrepreneurs to visit Bangladesh to find out ways for boosting bilateral trade.

Tipu said Bangladesh is developing 100 special economic zones and if Brazilian businessmen want to invest, the government is ready to allot a separate zone to them.

During the meeting, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and São Paulo Chamber of Commerce signed a memorandum of understanding (MoU).

They also decided to strengthen cooperation between BGMEA and Textile and Apparel Department of Brazil.

An announcement was also made to hold single country trade fair by the BGMEA on November 7-8 in Sau Paulo.