Bangladesh must raise exports to Malaysia to lessen trade gap: Tipu Munshi

Commerce Minister Tipu Munshi on Thursday underscored the need for increasing exports to minimise the current trade gap with Malaysia.

“Our present trade deficit with Malaysia is worth $2,951.69 million. We have no alternative but to reduce the gap through enhancing our shipment,” Munshi told reporters after a meeting held with Malaysian Ambassador to Bangladesh Haznah Md Hashim, at his ministry office in Dhaka.

Bangladesh imported goods from Malaysia worth $3,289.5 million and exported goods there worth $ 337.81 million in the 2021-22 fiscal year, he said.

“We import vegetable fat and a huge amount of palm oil but we cannot export enough goods to the country due to the high duty rates. The trade deficiency between the two countries is large because of it,” he said.

Claiming that Malaysia is a friendly country to Bangladesh, the minister said there is a longstanding financial and commercial relationship between these two nations.

“We have already sent a list of products to Malaysia, seeking duty-free facilities. The amount of export will increase and the trade gap will reduce if the facilities are given to us,” Munshi pointed out.

Meanwhile, the Malaysian ambassador said his country is eager to intensify trade and commercial relationships with Bangladesh.

“Malaysian cars are very popular in the world market and exportation to Bangladesh is not possible due to the high duty rate here. It will be possible to sell these cars in Bangladesh if the duty rate is cut,” he said.

Claiming that there are many scopes to boost business between these two Asian nations, the envoy said Malaysia wants to utilise the opportunities.

Md Abdur Rahim, additional secretary to the commerce ministry, among others, was present in the meeting.