Bangladesh inks MoC with Eurasian Economic Commission

DHAKA, Bangladesh signed a Memorandum of Cooperation (MoC) with the Eurasian Economic Commission (EEC) on May 31 in Moscow with the aim to boost its exports to Russia and other EEC countries.

Commerce Minister Tipu Munshi and EEC Board member Tatiana Valovaya initialed the MoC titled 'Memorandum of Cooperation between the Eurasian Economic Commission and the Government of the People's Republic of Bangladesh' at the EEC headquarters in Moscow.

After signing of the MoC, the Commerce Minister hoped that this deal would increase the volume of exports to Russian market alongside boosting the economic cooperation, said a Ministry press release today.

The release said that the Eurasian Economic Union (EAEU) launched its journey on January 1, 2015 with five countries from the Eastern Europe and Central Asia namely Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

Previously part of the nowdefunct Soviet Union, these countries are now members of the Commonwealth of Independent States (CIS). The EAEU's activities are regulated by Eurasian Economic Commission (EEC) like the European Union (EU).

There is no customs border among the EAEU countries since Customs Union has been formed among the member countries. As a result, goods can be transported from one country to another without any barrier and duty.

Officials of the Ministry said this MoC would help Bangladesh expand its export market in the EEU member countries and have duty and quota free access to these EEU countries including Russia.

Under this Memorandum of Cooperation, a working group would be established to mainly work for the development of the identified 19 sectors to boost trade and economic cooperation between Bangladesh and the EEU countries.

The release said the Commerce Minister also held meetings with Russian Federation of Chamber and Commerce and Industry President and Bangladesh Businessmen's Association.

The meetings discussed the export potentials of Bangladeshi products to Russia and the way forward.

Source: Bangladesh Sangbad Sangstha (BSS)