Commerce minister Tipu Munshi on Saturday said the government is working hard to achieve $100-billion shipments by the year 2026.
"We're working on how to reach $100-billion exports by 2026", he told a 'Meet the Press' organised by the Overseas Correspondents Association of Bangladesh (OCAB) at the National Press Club.
Mr Tipu said Bangladesh achieved a milestone in shipments in fiscal year 2021-22 by making exports worth $60 billion.
"We would like to raise the same to $80 billion in 2024," he added.
The minister noted that Bangladesh has become a developing country after graduating from the least-developed country status.
It will come into effect in 2026. But after a grace period of three years in 2029, Bangladesh will lose the special privileges it gets the western economies.
"We have to survive by competing with other developing nations from 2029," the minister continued.
He said the government has already prepared a blueprint for combating the new challenges.
"We have a preferential trade agreement (PTA) with Bhutan," Mr Tipu said, adding that negotiations are underway to ink PTAs or free trade agreements (FTAs) with several other countries.
He said the country's trade with China and India tilted in favour of them as industrial raw materials mostly come from the two economies.
"China has guaranteed duty-free access of 99 per cent Bangladesh-made products to reduce the gap."
Bangladesh is pursuing a comprehensive economic partnership agreement (CEPA) with the neighbouring India to close this gap.
"The country's economy will be vibrant on the buoyancy of exports."
Currently, the ready-made garment (RMG) sector exports around 82 per cent of the total shipments, according to the minister.
He said a special initiative has been made to boost exports of 10 goods, including ICT, leather, plastic, light engineering and jute goods.
"Since the initiative has been taken," the minister said, "the shipment of goods has been on the up and up."
The neighbouring Myanmar was once a rival of Bangladesh in RMG but its garment sector is now almost dead.
The biggest apparel maker China is now relocating its RMG industry, he said, adding that this has raised the possibility of boosting RMG exports more from here.
Mr Tipu said Bangladesh has skilled manpower and production costs are relatively lower.
The share of green factories in the economy is bigger. Consequently, Bangladesh has huge potential to boost exports further.
Responding to a query about the prime minister's recent India visit, he said the PM's Delhi tour was successful.
India has agreed to provide free transit facility by road with Bhutan and Nepal.
Mr Tipu said India is investing in three special economic zones of Bangladesh.
OCAB convener Qadir Kallol, member secretary Nazrul Islam Mithu, senior member Farid Hossain and senior journalists were present at the event.
jasimharoon@yahoo.com