Bangladesh is working towards forming a joint trade commission soon with Cambodia to expand bilateral trade and commerce between the two countries. Bangladesh is very close to finalizing terms for the commission and will most probably be signing agreement this year. The agreement will lower tariffs on imports.
The countries reached the consensus at bilateral talks held last month between the top officials of the two governments, a ministry official confirmed.
Senior Commerce Secretary Hedayetullah Al Mamoon said that they are going to form the joint trade commission with Cambodia to boost bilateral trade and commerce.
The trade commission is aimed at creating a win-win trade relationship between the businesses of the two countries while both the government and private sector people will be engaged in the process to have the dream come true.
A note verbal detailing the purpose of joint trade commission has been prepared, which would be sent to Cambodia for consideration through the Ministry of Foreign Affairs by this week, the secretary added.
Focus would be given on removing trade barriers and easing the export-import process with the viable tariff rate.
According to the Export Promotion Bureau (EPB) data, Bangladeshâ€™s export earnings from Cambodia was only $4.37 million in the last fiscal year 2015-16 while in the first seven months of the current fiscal year, the earning stood at $2.77 million.
The trade between Bangladesh and Cambodia amounts to $6.7 million per year. The main exports from Cambodia to Bangladesh include cotton, cooking oil and fertilisers, while the former imports garments, footwear and leather goods from the latter.
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