Textile News, Apparel News, RMG News, Fashion Trends
Trade & Business

Bangladesh-Brazil to sign FTA for enhancing bilateral trade

Bangladesh and Brazil have agreed to form a joint chamber of commerce and sign a Free Trade Agreement (FTA) to boost bilateral trade and commerce. The decision was made while Commerce Minister, Tofail Ahmed met the Brazilian Ambassador to Bangladesh, João Tabajara de Oliveira Juniorat on October 7.

Bangladesh-Brazil to sign FTA for enhancing bilateral trade
Figure: Commerce Minister Tofail Ahmed (left) had a meeting with Brazilian Ambassador to Bangladesh, JoãoTabajara de Oliveira Junior (right). Courtesy: PID

After the meeting, Tofail Ahmed said, “The Brazilian market is a promising export destination for our readymade garment products. However, we are not getting proper access to its market because of the high tariff barrier. This can be resolved by signing an FTA, we can receive duty benefits through this deal.”

Bangladesh and Brazil are friendly countries and both countries have been maintaining trade relations for long.

JoãoTabajara de Oliveira, Brazilian Ambassador to Bangladesh

Oliveira Junior expressed, “Bangladesh and Brazil are friendly countries and both countries have been maintaining trade relations for long.”

He further added that, “Brazil is interested in expanding bilateral business with Bangladesh. To formalize and institutionalize the business structure, we need to establish a Chamber (with businessmen of both the countries) and sign an FTA.”

According to Export Promotion Bureau (EPB) data, in the last fiscal year, Bangladesh’s export earnings reached $177 million in merchandising exports to Brazil, while it imported goods worth $1.52 billion from the Latin American country.

export import data of Brazil-Bangladesh

Bangladesh imports sugar, wheat, and cotton from Brazil and exports apparel products, pharmaceuticals, plastics, tableware, vegetable textile fiber, jute goods, and man-made filaments.

Senior Commerce Secretary Shubhashish Bose and Additional Secretary Md. Obaidul Azam was present at the program.

Bangladesh’s FTA with Brazil at this time- when a tariff war is prevailing between the US and China – may provide additional benefits.

If anyone has any feedback or input regarding the published news, please contact: info@textiletoday.com.bd

Latest Publications

View All