Fun & Games

Bangladesh for widening duty-free access to Malaysian market

DHAKA, May 15, 2017 (BSS) - Bangladesh today requested Malaysia to widen the duty and quota-free market access for Bangladeshi products to reduce the huge trade gap between the two countries.

Bangladesh made the request at the first ever Foreign Office Consultations (FOC) between the Foreign Ministries of Bangladesh and Malaysia held at the State Guest House Meghna.

Foreign Secretary Md. Shahidul Haque and his Malaysian counterpart Dato' Ramlan Ibrahim led their respective sides in the consultations, a foreign ministry spokesperson said.

During the meeting, major areas of bilateral cooperation were discussed at length when Bangladesh requested Malaysia to widen the duty-free and quota-free access of Bangladeshi products to address huge trade gap between the two countries.

In this context, Malaysian side highlighted the need for starting negotiation for a Free Trade Agreement (FTA) saying that conclusion of FTA would help reduce the existing trade gap between the two countries.

Bangladesh side also proposed gradual relocation of Malaysian labour intensive manufacturing industries to Bangladesh in the Economic Zones being set up by the government.

Besides, employment of Bangladeshi workforce in Malaysia featured prominently in the consultations when both sides agreed to work closely to make the G2G+ mechanism a success for recruitment of Bangladeshi worker into Malaysia.

The both sides, however, agreed to seek ways and means to promote cooperation in the fields of tourism, culture, education and science and technology.

Referring to recent developments in the Rakhine State of Myanmar, Bangladesh stressed on the need for seeking a comprehensive solution of the problem when both sides agreed to enhance cooperation in counter terrorism capacity building through training.

On cooperation in the area of Blue Economy, both sides acknowledged the importance of collaboration to enhance deep sea fishing capacity, sea-bed exploration and capacity building and skill development in the field of marine sciences and Blue Economy.

Source: Bangladesh Sangbad Sangstha (BSS)