Commerce Adviser Sk Bashir Uddin has said that an initiative is being taken to reactivate the long-dormant Bangladesh-Pakistan Joint Economic Commission (JEC) in order to enhance trade and investment cooperation between the two countries.
He disclosed the plan while speaking at a press briefing after a meeting with Pakistan’s Commerce Minister Jam Kamal Khan at the Secretariat in Dhaka on Thursday.
In-depth discussions were held with the Pakistani minister, the adviser said, adding: “We’re working on reactivating the JEC and establishing a new trade and investment commission.”
Bashir further mentioned that producing intermediate goods jointly or through foreign investment would be mutually beneficial for both countries.
The commerce adviser noted that Pakistan had imposed anti-dumping duties on Bangladesh’s hydrogen peroxide.
“We’ve requested its removal, and Pakistan has assured us of considering our request. We have also sought assistance from Pakistan for the development of our leather and sugar industries,” he said.
Bashir Uddin also recalled that Pakistan had previously offered duty-free access for the export of one million kilograms of tea. “We have requested the reinstatement of that benefit,” he added.
The commerce adviser highlighted that Bangladesh imports goods worth $80 billion annually, with $15 billion worth of food and intermediate products.
“There is significant potential to increase trade in these sectors, and we are setting up a new Trade and Investment Commission to explore these opportunities,” he said.
Discussions were also held on the import and export of agricultural and food products, as well as the capacity building of Bangladesh’s sugar industry.
“We have requested investment from Pakistan for intermediate product production,” he added.
Regarding Bangladesh’s growing interest in Pakistan, the commerce adviser responded, “We’re diversifying our focus. We’re engaging with Pakistan, the United States, and even importing onions from India. Our priority is always the national interest, and we are focusing where our interests lie.”
Commerce Secretary Mahbubur Rahman stated that trade with Pakistan had been limited over the past 15 years.
“We import food and stone products from various countries. If Pakistan can offer these products at competitive prices, there will be no issues. At the same time, we are focused on increasing our exports,” he said.
He further added, “Currently, we import more from Pakistan than we export. Boosting exports would be beneficial for the country.”