• Monday, Aug 08, 2022
  • Last Update : 04:24 pm

Tipu seeks Russian support for ensuring direct export there

  • Published at 08:48 pm September 20th, 2021
Commerce Minister Tipu Munshi
File photo of Commerce Minister Tipu Munshi Mehedi Hasan/Dhaka Tribune

The commerce minister cited transaction and duty related complexities as barriers to increasing trade volume with Russia

Commerce Minister Tipu Munshi sought sincere support from Russia to ensure direct export of Bangladeshi products including RMG to their market.

Tipu said there is a huge demand for Bangladeshi products including RMG in Russian market, but the RMG exports are being done there through another country due to various complexities.

He said the existing complexities have already been identified while efforts are on to addressing those.

The minister made the remarks when newly appointed Russian Ambassador to Dhaka Alexander V Mantytskiy visited him at his Secretariat office on Monday.

Tipu also hoped that once these issues are addressed properly, the export of Bangladeshi products would increase manifold to Russian market for which there is a need for sincere support from the Russian side.

Saying that Russia is a friendly nation of Bangladesh, he added that Bangladesh always expresses its gratitude to Russia since the country played a very important role during the War of Liberation of Bangladesh.

The minister cited that the trade volume with Russia could not be increased to a big extent due to some complexities in transaction in the banking channel and also due to some complexities related to duty.

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He also hoped that with the help of Russia, Bangladesh would be able to boost its export to Eurasian Economic Union and CIS countries.

In response, the Russian envoy said that Russia attaches special importance to its relationship with Bangladesh and the country is interested in boosting its trade and investment relationship with Bangladesh.

Since there is a huge demand for Bangladeshi products in Russian market, Mantytskiy hoped that the bilateral trade and investment would increase in the coming days if the existing trade barriers are removed.

He said that the Russian government is very much interested to resolve the existing barriers and thus wants to be a development partner of Bangladesh.

According to official data, Bangladesh exported goods worth $665.31 million to Russia against the imports of $466.70 million in the last fiscal year (FY21).

Commerce Secretary Tapan Kanti Ghosh, Additional Secretary (export) M Hafizur Rahman, Additional Secretary (FTA) Nur Md Mahbubul Haque were present, among others, on the occasion.