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The Bangladesh government has expressed its keenness to reduce the trade gap with Pakistan through a series of measures, including the formation of a trade and investment commission, withdrawal of anti-dumping duties on hydrogen peroxide exports, and reinstatement of duty-free export quotas for tea.
Commerce Adviser Sk Bashir Uddin and senior ministry officials shared the updates at a press conference at the Bangladesh Secretariat on Thursday, following a meeting with Pakistan's Commerce Minister Jam Kamal Khan.
"We had a very intensive discussion. We are working on reactivating the Bangladesh-Pakistan Joint Economic Commission (JEC), which has been inactive for more than a decade and a half, and also forming a new trade and investment commission to enhance bilateral trade and investment cooperation," the adviser said.
He noted that Bangladesh requested the withdrawal of Pakistan's anti-dumping duty on hydrogen peroxide exports and received assurance.
Bangladesh also sought Pakistan's support to develop the country's leather and sugar industries, he said.
Three Bangladeshi chemical company representatives told The Financial Express on condition of anonymity that they have been facing anti-dumping duties on hydrogen peroxide exports to Pakistan for the past couple of years.
They also said Islamabad imposed quotas on the exports of several Bangladeshi products.
Bashir said Bangladesh once enjoyed a duty-free quota of 10 million kg of tea exports to Pakistan and requested the reinstatement of that during the meeting.
Highlighting the potential for joint ventures, the adviser said, "If Bangladesh and Pakistan can jointly, or through foreign investment, produce intermediate goods, it would be mutually beneficial for both countries."
He also pointed out that Bangladesh imports goods worth about $80 billion annually from various countries, including food and intermediate products of $15 billion.
"There is ample opportunity to expand the trade of these products between the two countries. That is why a new trade and investment commission is to be formed," he said.
The discussion also covered mutual recognition of certificates, agricultural cooperation, and imports of fruits, food, stones, and minerals from Pakistan, provided they are available at competitive prices.
"The Pakistani delegation responded positively to all our proposals, and those will be further discussed in the new commission," Bashir added.
About food trade, he said, "We import food from many countries. Wheat is our main import from Pakistan. If we get competitive prices, we will welcome more imports."
Responding to a question on whether Bangladesh is leaning towards Pakistan, the adviser said, "We are leaning towards everyone - Pakistan, the United States, and even India, from where we are importing onions. Bangladesh's interest comes first.
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