FTA to boost trade, investment with Malaysia: Tipu Munshi

Commerce Minister Tipu Munshi has underscored the need for signing of a Free Trade Agreement (FTA) with Malaysia to boost trade and investment between these two countries.

“There are longstanding trade and economic relations with Malaysia. Now, signing of a free trade agreement is imperative to increase trade and investment. Talks between the two countries on the issue have gained much progress. If Malaysia comes forward, it will be possible to sign the agreement,” Munshi said.

He came up with the remarks after emerging from a meeting held with a 14-member Malaysian team led by the country’s Plantation Industries and Commodities Minister Zuraida Kamaruddin at his office in Dhaka on Thursday.

Claiming that both the countries will be benefited if the FTA is signed, Munshi said Bangladesh exports readymade garment, jute, plastic and leather goods and light equipment to Malaysia.

Bangladesh exported goods worth $306.57 million to Malaysia in the fiscal year 2020-2021 and at the same time it imported goods worth $1,576.89 million from that country, he noted.

There are huge demands for Malaysian palm oil, chocolate, fruits and other food items in Bangladesh and thus Malaysia will be more beneficial if it sets up a factory here, the commerce minister said during the meeting.

Bangladesh imports a large amount of palm oil from Malaysia, he said, adding that Bangladesh will remain grateful to Malaysia if the country cuts the oil price amid global increase in prices of the edible oil.

The government has built around 100 special economic zones in the country and created an investment friendly atmosphere, he said, calling upon Kuala Lumpur to set up furniture, agro-processing and other plants here.

Besides, Zuraida Kamaruddin, described Bangladesh as a ‘friend country’ and an important business partner of Malaysia and expressed her hope to expand her country’s trade, commerce and economic relations here.

Both the countries can work together to enhance trade and economic cooperation and Malaysia is eager to do so, Kamaruddin said.

There is a huge demand for Malaysian products like furniture, rubber goods, chocolate and dry food here, she said, expressing her country’s optimism to enhance the trade and economic relations with Bangladesh.