In the fiscal 2016-17, import volume from Indonesia was $1.12 billion, while the export volume was only $46.39 million.
So in a bid to minimise that deficit, Bangladesh is set to ink a Joint Ministerial Statement (JMS) with Indonesia this month for Preferential Trade Agreement (PTA).
Commerce Minister Tofail Ahmed informed media on Monday after a meeting with Indonesian Ambassador Rina Soemarno at the former’s office.
"Commerce ministers of both the countries will sign the JMS during the visit of Indonesian President to Bangladesh in the end of this month," he said.
He said high tariff imposed by Indonesia has hindered export of Bangladesh's readymade garments (RMG) to the South-Asian country’s market.
So, the PTA would help to boost export of Bangladesh’s main export product to Indonesian market, added the minister.
He said initiative has been taken for mutual visit of business delegations of both the countries to increase bilateral trade.
According to BSS, Commerce Secretary Shubhashish Bose and Additional Secretary Tapan Kanti Ghosh were present.