Bangladesh and Cambodia will sign a bilateral trade agreement (BTA) by July to boost trade between the countries, said commerce ministry on Wednesday.
Commerce minister Tofail Ahmed, who was on a three-day visit in Cambodia, on Wednesday invited his counterpart Pan Sorasak to visit Bangladesh by the end of June or early July to sign the BTA, said a press release issued by the ministry.
He made the invitation at a bilateral business meeting with Sorasak at Phnom Penh, capital of the country.
Both the ministers led their respective business delegation at the meeting.
Tofail said that there was a huge potential to enhance the existing trade volume with the Southeast Asian country through entering into a bilateral trade agreement.
The planned agreement will help both the countries, he said.
Bangladesh ambassador to Thailand and Cambodia Saida Muna Tasneem and International Chamber of Commerce, Bangladesh president Mahbubur Rahman and vice-president Rokia Afzal Rahman, among others, attended the meeting.
Sorasak urged the Bangladesh business delegation to invest, particularly in pharmaceutical industry, in Cambodia.
He said that high-quality raw materials for pharmaceuticals sector were available in the country and Bangladeshi entrepreneurs could avail the facility to produce medicine at low cost.
Currently, the volume of bilateral trade between the countries is worth only $ 6 million. Of which, Bangladesh exported products, mainly medicine, readymade garments, plastic goods and leather goods, worth $ 5.39 million to the country.
Tofail also inaugurated an international workshop on ‘International Trade Finance and Development of Global Value Chains’ at Phnom Penh on the day.
International Chamber of Commerce, Bangladesh has organised the three-day workshop in association with Trade, Training and Research Institute under commerce ministry of Cambodia, Institute of Banking and Finance of Cambodia and Asian Development Bank (ADB).
Bangladesh delegation also includes Azim Group managing director Mohammad Fazlul Azim, Uttara Group of Companies chairman Matiur Rahman, Shohagpur Textile Mills Limited managing director Abdul Hai Sarker, The Merchants Limited managing director Mohd Arshad Ali, Plummy Fashions Limited managing director Md Fazlul Hoque, Bengal Shipping Line Ltd chairman Mohammed Abdul Awal, ICC Bangladesh secretary general Ataur Rahman and general manager Ajay Bihari Saha.
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