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The Eurasian Economic Commission (EEC) has cancelled its visit to Bangladesh ahead of the 2nd meeting of joint working group (JWG) fearing a possible complexity amid Western sanctions against Russia, sources said.
It was supposed to visit Dhaka with a high-powered EEC delegation, led by Sergei Glazyev, minister in-charge of integration and macroeconomics.
The working visit to Dhaka for in-person participation was scheduled for March 26-29. The JWG meeting was supposed to be held from March 27-28.
The commission has proposed to hold the meeting through videoconferencing instead of physical presence on the scheduled dates.
Both sides have agreed to hold a one day's meeting now through virtual format on March 29, an official told the FE.
"I regret to inform that due to the necessity of my personal participation in a number of events under the auspices of the Eurasian Economic Union (EEU) in Moscow, the EEC delegation won't be able to make a working visit to Dhaka on March 26-29, 2023, and participate in person in the 2nd meeting of the JWG on cooperation between the EEU and Bangladesh," Mr Glazev cited the letter.
"We've learned that the EEC delegation cancelled the visit due to ongoing sanctions by Western countries, including the US, on Russia. But the meeting will be held in virtual format," said a high official.
In the upcoming meeting, the signing of a free-trade agreement (FTA) issue will top the agenda of the JWG meeting between Bangladesh and the EEC, he also said.
The EEC is the executive body of the Eurasian Economic Union (EEU) comprising five member-countries - Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia.
Formed in 2015, the Eurasian Economic Union has an integrated single market of 184 million people and a gross domestic product of more than $1.9 trillion.
The five Eastern European countries have more than $1.5 billion annual bilateral trade with Bangladesh.
The first meeting of JWG between Bangladesh and EEC was held in Moscow in November 2021 with intent to strengthen economic and trade ties.
The two-day meeting was held at the EEC headquarters in Moscow from November 30 to December 01, according to a commerce ministry note published on its website.
On 31 May 2019, a memorandum of understanding (MoU) was signed between Bangladesh and the EEC.
The first meeting was held in relation to the MoU.
Bangladesh commerce ministry additional secretary Noor Md Mahbubul Haq and member of the board and minister Mr Glazyev had led their respective sides.