Bangladesh and Cambodia to form joint trade commission to boost trade

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, Bangladesh’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.

Recent Posts

University of Copenhagen develops nanofibre patch for psoriasis treatment

Researchers have created an innovative nanofibre patch that aims to simplify and improve the treatment of psoriasis, a common skin…

11 hours ago

Clothing 2.0, The Marena Group to revolutionize medical garments

Clothing 2.0 has teamed up with The Marena Group LLC, a leader in medical-grade compression garments to transform the recovery…

11 hours ago

Polartec expands eco-friendly weather protection fabrics

Polartec has enhanced its Power Shield range, as it continues to replace petroleum-based materials with renewable alternatives while improving fabric…

11 hours ago

Uncaged Innovations partners to launch leather alternative

Biomaterial company, Uncaged Innovations, has collaborated with ten independent fashion brands to launch Elevate, a new eco-friendly luxury leather alternative.

1 day ago

Rudolf enhances digital pigment printing

Rudolf introduced the Digital Pigment Printing Toolbox, a package of pre-treatment products to improve the quality and sustainability of pigment…

1 day ago

Aquafil Group unveils sustainable yarns

Aquafil Group, the innovator behind ECONYL regenerated nylon, has launched the ECONYL Bespoke Collection that mimic the aesthetics of natural…

1 day ago