Brazil - interested in signing the Bangladesh-Brazil Free Trade Agreement
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Commerce Minister Tofail Ahmed has said that the agreement on the formation of the Brazil-Bangladesh Chamber and the signing of the Free Trade Agreement (FTA) for trade in both the countries. After the formation of the Brazil-Bangladesh Chamber, the business of both the countries will be encouraged, mutual contact will increase. Brazil's ambassador also said that Brazil is eager to build FTA signatures and chambers with Bangladesh.
The Commerce Minister said this while talking to journalists at a meeting with the Brazilian ambassador to Dhaka, Jouyat Tabazra de Orivera Junior, at the Bangladesh Secretariat on Sunday. Brazil is a potential market for ready made garments in Bangladesh. But due to higher tariff, Bangladesh can not export as expected in Brazil. There are about 35 percent tariff to export the goods. Through the signing of FTA, Bangladesh can get trade benefits from Brazil. Brazil's ready-made garments export will increase in Brazil.
The commerce minister said, Bangladesh imports various products including sugar, wheat and cotton from Brazil. The current trade is in favor of Brazil. Last year Bangladesh exported goods worth 176.89 million US dollars in Brazil, at the same time imported goods worth 1520.61 million US dollars. Bangladesh will be able to export more if the FTA is signed. Tofail Ahmed said Latin America trade block customs union needs to boost Bangladesh's trade with Marco's trade alliance. Current members of the trade alliance are Argentina, Brazil, Paraguay and Uruguay. The associate has seven members. These are Chile, Bolivia, Colombia, Ecuador, Guayana, Peru and Suriname. New Zealand and Mexico as observers There are 29 countries of the world chamber with Bangladesh. Bangladesh will benefit if the Chamber is formed with Brazil. Bangladesh exported 21.33 billion euros in the EU, about six billion in the US and exported nearly six billion US dollars worth of goods in Germany, the import is very low.
Brazilian ambassador told reporters that Bangladesh is a friend of Brazilian state. The long-term trade relations between the two countries Brazil is keen to increase trade with Bangladesh To make institutionalization of trade between the two countries, there is a need to form the chamber structure and signature of FTA between businessmen in both the countries. Brazil is eager to form FTA signature and chamber with Bangladesh Senior Secretary of the Ministry of Commerce Shuvashish Basu and Additional Secretary (TOO) Md. Obaidul Azam was also present.