MP for Brahmanbaria-2 Rumeen Farhana has alleged that nearly $8 billion is being laundered abroad every year through the over-invoicing and under-invoicing of imports and exports,
She raised the issue during a National Parliament session presided over by Deputy Speaker Kayser Kamal.
“Money is being laundered continuously through imports and exports,” she said, demanding to know what steps the commerce minister would take to stop the practice.
In response, Commerce Minister Khondkar Abdul Muqtadir acknowledged that many irregularities occur behind import-export trade but said proving money laundering is not easy.
“It may sound easy but proving it is difficult. The country’s annual trade volume is approximately $130 billion. It is hard to say specifically how much money is being laundered through which products,” he said.
However, the minister assured that the government is working on the matter and that appropriate action will be taken if evidence is found.
Responding to another question, the commerce minister informed parliament that Bangladesh may face risks to approximately $17.5 billion of its exports after graduating from the Least Developed Countries (LDC) list.
This is because a large portion of the preferential market access currently available in developed economies will be lost after graduation.
“To tackle this challenge, the government has taken initiatives to diversify trade and markets,” Muktadir said.
He noted that an Economic Partnership Agreement (EPA) with Japan has already been completed, and discussions on a Comprehensive Economic Partnership Agreement (CEPA) with South Korea are ongoing. Similar initiatives have been taken with the European Union, United Arab Emirates, Singapore, Indonesia, China, and other countries.
The minister informed parliament that the country’s trade deficit in the 2024-25 fiscal year rose to $24.16 billion, up from $21.50 billion in the previous fiscal year.
Export earnings stood at $55.19 billion, while imports amounted to $79.35 billion during the period.
Muktadir said 84 per cent of the country’s total export earnings still depend on the readymade garment sector. To reduce this dependence, special facilities are being provided to the leather, jute, agricultural products, pharmaceuticals, ICT, light engineering, frozen food, and plastics sectors.
The government has taken initiatives to strengthen Bangladesh’s position in global trade through exploring new markets, strengthening economic diplomacy, providing low-interest loan support, and diversifying exports, he added.
