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23 August, 2019 00:00 00 AM
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Tipu urges Brazil to cut 35pc import duty

BSS, Dhaka
Tipu urges Brazil to cut 35pc import duty

Commerce Minister Tipu Munshi has requested the Brazilian government to reduce the existing 35 per cent import duty to ease the method of exporting Bangladeshi readymade garment (RMG) and other items to its market.

“If Brazil lowers the duty on import items, its people could get chance to buy world class Bangladeshi RMG at a reasonable price,” he said during a meeting with the leaders of São Paulo Chamber of Commerce on Tuesday, the first phase of his visit to the MERCOSUR, the Southern Common Market comprised of Brazil, Argentina, Paraguay and Uruguay, according to a ministry press release received in Dhaka yesterday.

To this end, the commerce minister also sought sincere cooperation of Brazilian businessmen and importers alongside the government to pave the way for Bangladeshi products in the country’s market.

Referring to Bangladesh’s ongoing endeavor, he told the leaders of the trade body that the main trade barrier, high import duty can be reduced through signing free trade agreement (FTA).

The minister also invited the Brazilian businessmen to visit Bangladesh to find out ways for boosting the bilateral trade.

Highlighting the different facilities offered by the government to the foreign investors, Tipu said Bangladesh is developing 100 special economic zones with the initiative of Prime Minister Sheikh Hasina and if they (Brazilian Businessmen) want to invest the government is ready to allot a separate zone to them.

In the meeting, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and São Paulo Chamber of Commerce signed a memorandum of understanding (MoU). They also decided to strengthen cooperation between BGMEA and Textile and Apparel Department of Brazil.

An announcement was also made to hold single country trade fair by the BGMEA on November 7-8 in Sau Paulo.

“The differences of duty regime is pushing the trade imbalance between Bangladesh and Brazil further regularly,” he said during meetings with Brazilian Commerce Minister and State Minister for Foreign Trade.

During the meetings, Tipu told the Brazilian ministers that Brazil should not only reduce the higher import duty but also the sincere cooperation of the government and Brazilian importers are needed to narrow the existing trade deficit of Bangladesh.

Bangladesh will place proposal to Brazil for signing free trade agreement (FTA) in the upcoming MERCOSUR conference, the alliance of Southern Common Market, to boost bilateral trade.

Saying that the FTA would boost the export of Bangladeshi RMG to Brazil, Tipu expressed hope that the country would consider with high priority while the FTA proposal would be placed in the upcoming MERCOSUR conference.

In the last fiscal, Bangladesh exported US$ 176.90 million of products to Brazil against the import of $ 1520.60 million.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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