Bangladesh Urges Brazil to Strengthen Direct Trade Ties in Key Sectors

Last Updated on April 8, 2024 7:39 am

Prime Minister Sheikh Hasina has advocated for a direct trade partnership between Bangladesh and Brazil, particularly emphasizing the import of readymade garments (RMG) directly from Bangladesh.

During a meeting with a delegation from Brazil, led by Foreign Minister Mauro Vieira, Sheikh Hasina highlighted the current practice of RMG exports to Brazil through intermediaries, suggesting that direct imports would be more cost-effective for Brazil.

“We’ve been exporting RMG to Brazil through a third party, but direct trade would offer Brazil more competitive prices,” stated the Prime Minister’s Speech Writer M Nazrul Islam, briefing reporters after the meeting.

Furthermore, Sheikh Hasina underscored the importance of achieving a balanced trade relationship between Bangladesh and Brazil, noting the current trade imbalance skewed heavily in Brazil’s favor.

To address this, Sheikh Hasina proposed that Brazil could diversify its imports from Bangladesh, including products such as jute goods, leather items, among others, to bolster bilateral trade and rectify the existing trade gap.

The Prime Minister highlighted Bangladesh’s import of key commodities like sugar, soybean oil, and cotton from Brazil, indicating a substantial opportunity for mutual trade expansion.

In addition to trade, Sheikh Hasina emphasized the necessity of enhancing overall bilateral relations between the two countries, reflecting Bangladesh’s commitment to fostering stronger ties with Brazil.

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