The government has made a move to address the barriers like the absence of an effective banking transaction system to tap the billion-dollar Russian market.
To this end, officials said, Dhaka has started negotiations with Moscow.
The development came following a charter of demands from local businessmen, they added.
Domestic products like ready-made garment (RMG) items are in great demand in the Eurasian country.
As part of the initiative, a team of top officials from line ministries and the central bank visited Moscow last week.
They sat with the Russian central bank officials to discuss a whole swathe of business issues.
"Russia is a potential export market, but it's yet to be tapped fully for lack of a bank-to-bank transaction system," said a delegate.
The main purpose is to establish a banking transaction system between the two countries, he told the FE.
Local businesses have to depend on a third party to ink a deal. In some cases, they do business through telegraphic transaction, the official explained.
The September 24-25 meeting discussed settlement of export-import payments through local currencies under the monitoring of the respective central banks.
He said Dhaka proposed Moscow to be a member of Asian Clearing Union so it can make payments under intra-regional transactions among the partner banks.
Russian bankers told the meeting that they are working on a potential transaction policy which will be shared with shortly, the delegate added.
Bangladesh posted a 12.77 per cent growth in RMG exports worth $427.93 million in fiscal year 2017-18.
Yet, high tariff, complex customs, limited work orders and unsteady ruble discourage exporters to tap a $4.96-billion RMG market, according to industry insiders.
Russian buyers resort to deferred letters of credit (L/Cs) that take from 90 to 120 days that, many say, is also an obstacle to export growth.
Terming Russia a $50-billion market, Rubana Huq, managing director of Mohammadi Group, said its payment terms, among others, are difficult to deal with.
Mohammad Hatem, vice-president of Exporters Association of Bangladesh, said the banking system between the two countries is not smooth.
The letter of credit (L/C) issued by only one bank in Russia has been accepted here.
Mr Hatem said, "No doubt, Russia is a big and very potential market for locally made apparel products."
Moreover, import duty on apparel in Russia is very high which goes up to 20 per cent, he added.
Import duty aside, Mr Hatem said, 18 per cent Value Added Tax (VAT) also is charged.
The majority exports to Russia go through third party.
In recent years, RMG exports to Poland have risen notably, he said, adding that Polish buyers import apparel from here and re-export them to Russia by road.
"We did the initial work. Now is the government's turn to take the next course of action to reduce high duty and ease the banking procedures," he added.
