Dhaka, Monday

26 February 2024

Business Insider Bangladesh

Bangladesh and Uzbekistan agree to deepen trade relations

|| BusinessInsider

Published: 13:23, 29 July 2022  
Bangladesh and Uzbekistan agree to deepen trade relations

Bangladesh’s Commerce Minister Tipu Munshi is seen meeting with Uzbekistan’s Deputy Prime Minister and Minister of Investments and Foreign Trade Jamshid Khodjaev at InterContinental Hotel, Dhaka on Friday. Photo: Collected

Bangladesh, Uzbekistan agreed to develop a future trade relationship through private sector-led growth, encouraging mutual investment and addressing trade barriers for the greater benefit of the two nations.

This was said in a joint statement after the 3rd Intergovernmental Commission Meeting on Trade and Economic Cooperation between Bangladesh and Uzbekistan held at InterContinental Hotel, Dhaka on Friday.

Bangladesh was led by Commerce Minister Tipu Munshi and the Uzbekistan side was led by Deputy Prime Minister and Minister of Investments and Foreign Trade Jamshid Khodjaev.

The statement says both sides discussed enhancing cooperation in various areas such as trade and economic cooperation, cooperation in textile, RMG, agriculture, foods and fruits sector, pharmaceuticals sector, leather and footwear and cooperation in tourism and transport sectors.

Bangladesh pointed out that being the 6th largest producer and 12th largest exporter of cotton Uzbek entrepreneurs can invest in cotton-based textile industries in Bangladesh. Bangladesh also highlighted duty-free market access opportunities in major developed economies and the tremendous reputation of RMG and textile industries in the international market.

The Bangladesh side also requested the Uzbek side for importing pharmaceuticals products and generic drugs from Bangladesh as it is producing high-quality medicine and drugs and exporting to more than 100 countries including the USA, UK, Japan, Singapore, Australia and major developed countries. Bangladesh also proposed to sign an MoU between the Bangladesh Association of Pharmaceutical Industries (BAPI) and the relevant Uzbek agency.

The Uzbek side proposed to cooperate in the localization of high-quality pharmaceuticals, and generic drugs and explore technical know-how. The Uzbek side requested enhanced collaboration to promote technology transfers, skill development and training activities in the textile sector.

It also emphasized collaborating in areas of high fashion design, fashion accessories, and fashion garments of the textile sector.

Both sides agreed to work closely to identify and remove all sorts of trade barriers. Both sides agreed to study the possibility of the earliest signing of avoidance of the double Taxation Treaty.

To intensify mutual tourism both sides agreed to expedite the signing of an agreement between the Ministry of Civil Aviation and Tourism of Bangladesh and the Ministry of Tourism and Cultural Heritage of Uzbekistan. Uzbek side also assured to take immediate steps to facilitate the signing of an MoU between Jahangir Nagar University and Samarkand Silk Road University for development cooperation in the field of tourism by providing training to the professionals and sharing ideas and experiences.

Both sides noted the importance of restoring direct flights " Dhaka - Tashkent - Dhaka " and agreed to study the possibility of a code-sharing agreement between Biman Bangladesh Airlines and Uzbekistan Airways JSC.

Monetary Policy Stance
Budget 2020-21