Bangladesh envoy demands $2-3 billion trade boost now
- The FPCCI is leading a delegation to Bangladesh with the aim of boosting bilateral trade, currently at $800 million.
- Discussions are underway with key Bangladeshi officials to explore mutual trade opportunities and increase trade volumes.
- There is potential for trade growth between the two countries if they collaborate effectively and tap into export capabilities.
On January 8, 2025, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is spearheading an exporters' delegation to Bangladesh with the goal of enhancing trade relations. Currently, bilateral trade between Pakistan and Bangladesh is below $1 billion, valued at around $800 million. FPCCI officials are optimistic that with proper collaboration and by tapping into each other's export potentials, trade can increase significantly to a target of $2-3 billion in the coming years. During the visit, the delegation will have dialogues with key figures including Bangladesh's Chief Adviser Dr. Muhammad Yunus and Commerce Adviser Sheikh Bashir Uddin. The Deputy High Commissioner of Bangladesh, Mahbubul Alam, has expressed hope that increased interdependence between the nations can lead to mutual prosperity. He has promised to facilitate the issuance of visas for Pakistani businessmen engaged in legitimate trade activities. This cooperation could create avenues for joint ventures, industrial collaborations, and collective trade promotion efforts between the countries. The delegation is also set to participate in the Dhaka International Trade Fair (DITF) and the Pakistan-Bangladesh Business Forum organized by the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) on January 13. Various sectors, such as electronics, industrial machinery, handicrafts, and processed foods will be showcased. FPCCI Senior Vice-President Saquib Fayaaz Magoon noted the potential for substantial collaboration in various industries, as both economies complement each other in major export products. Furthermore, there has been a noted interest from Bangladeshi importers in Pakistani vegetables and fruits, particularly following a political change that has led to increased contact for trade. However, market dynamics also see Bangladesh importing Indian onions based on price fluctuations, indicating the competitive nature of trade in regional commodities. Waheed Ahmed of the Pakistan Fruits and Vegetables Merchants, Exporters and Importers Association explained that the importers tend to shift their sourcing based on cost-effectiveness. He called on the government to support trade discussions focused on enhancing the volume of shipments of key agricultural and food items to Bangladesh.