Bangladesh is
going to sign a Memorandum of Understanding (MoU) with the Russia-lead Eurasian
Economic Commission. The agreement is called "Memorandum of Cooperation
between the European Economic Commission and the Government of the People's
Republic of Bangladesh". Support activities in 18 sectors including
agriculture, industry, services, energy and communication will continue,
opportunities for labor export will be created in Russia.
This
agreement memorandum will be signed on May 31 in Moscow's capital of Russia.
This compromise memorandum speaks of mutual assistance in 18 sectors. These
are: trade facilities, economic growth and macroeconomic review, strategic
policy, customs policies and procedures, assistance for removal of sanitary and
phyto-sanitary for vegetable export, financial market, communication, energy
policy, agricultural industry, competitive policy, industry, intellectual
property, trade Investments in the services sector, consumer rights protection,
entrepreneur development, information and technology, government procurement
processes, and negotiated labor export and other economic sectors.
Additional
Secretary of the Ministry of Commerce Shafiqul Islam said, the invitation has
been invited by the Russian Commission for the MOU. To this end, Commerce
Minister Tipu Munshi will leave Dhaka on 30 May for Moscow. Commerce Ministry
officials said that this MoU will play an active role in the expansion of
economic, trade and investment with the European Commission.
In addition
to identifying potential new sectors, as well as the barriers to mutual
investment and expansion of trade, it will also play a role in removing the
obstacles. Apart from this, the labor migration sector will be included in the
support sector, due to the opportunities for export of labor in the respective
countries from Bangladesh.
The
Memorandum of Understanding will be effective in accordance with international
law and customs including the World Trade Organization, on the basis of equality,
transparency, trustworthiness and mutual respect. According to sources, the
Economic Commission, lead by the Russian Federation, is interested in building
close relations with Bangladesh in trade and economic sectors.
Apart from
Russia, the other members of the commission are Belarus, Kazakhstan, Armenia
and Kyrgyzstan. During the previous government, the commission proposed a MoU
agreement with Bangladesh on commercial and economic cooperation. Government
policymakers view this proposal as very positive.
It is learned
that the EUC has drafted the draft of the MoU to make Bangladesh a trade
partner and sent it to the Bangladesh Embassy in Moscow. When the proposed
draft from the Embassy was sent to the Prime Minister's Office, Prime Minister
Sheikh Hasina gave positive comments in this regard and sent it to Economic
Relations Division (ERD) for further process. After taking opinions from the
various ministries concerned about the ERD, the draft was sent to the Ministry
of Commerce to finalize the Memorandum of Commencement.
Commerce
Ministry officials said our efforts were continuing to get the duty and
quota-free market access in Russia. Now, in the present reality, it is not
possible to get this facility alone in the country. Rather, if the MoU is done
with the Russian Commission of the five countries, including Russia, it will be
helpful in getting duty and quota-free market access for Bangladeshi products
in the respective countries.
For this
reason, a decision has been taken to offer MoU to EUC Trade and Economic
Cooperation. There is huge potential for Bangladeshi products in the Russian
market. Export products from Bangladesh have increased in the last five years
Apart from the readymade garments in Russia, there are opportunities to export
jute, frozen shrimp and potatoes. However, due to the phyto-sanitary problem,
the export of potato has stopped in the country.
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