Commerce Minister Tipu Munshi has stressed the need for signing a Free Trade Agreement (FTA) with Malaysia in order to boost the trade, commerce, and investment of the two countries.
"Bangladesh has a long-standing trade and economic relationship with Malaysia. There is a need for signing FTA to boost trade and investment,” he said on Thursday.
The discussion in signing FTA between the two countries has advanced a lot and it will be possible to sign the FTA if Malaysia comes forward. If the FTA is signed, both the countries will be benefitted," he added.
The commerce minister said this when a 14-member delegation of Malaysia, led by its Minister on Plantation, Industry and Commodity Datuk Hajah Zuraida Binti Kamarunddin, met him at his secretariat office today (Thursday), reports BSS citing a press release.
According to official data, Bangladesh exported goods worth $306.57 million to Malaysia in the last fiscal year (FY21) against imports of $1,576.89 million. The major Bangladeshi exportable items to Malaysia are RMG, jute-made goods, light engineering, and leather products.
Mentioning that there is a huge demand for Malaysian palm oil, furniture, chocolates, and fruits in Bangladesh, Tipu said Malaysia would be benefitted if they set up factories of such products in Bangladesh since the country has skilled human resources and less production cost.
As Bangladesh imports a huge volume of palm oil from Malaysia, the commerce minister said Bangladesh would remain grateful if Malaysia lowers the price of palm oil considering the global edible oil price trend.
He also noted that Malaysia would become more benefitted if they invest in furniture and agro-processing sectors in Bangladesh availing various investment-related facilities.
Terming Bangladesh as a strategic business partner and a friendly nation of Malaysia, the visiting industry minister said that there is a scope for further boosting the trade and economic relations with Bangladesh while they are very much interested to increase it further.
Commerce ministry additional secretaries AHM Shafiquzzaman, Nur Md Mahbubul Haque, and other members of the Malaysian delegation were present, among others, on the occasion.
