Tipu for availing duty-free access to Bangladeshi goods in Malaysia

Commerce Minister Tipu Munshi said the export of Bangladeshi goods to Malaysia would increase further as the existing trade deficit would be narrowed down if the country gets duty-free access of its products there.

The Commerce Minister said this when Malaysian High Commissioner to Bangladesh Haznah Md Hashim met him at his secretariat office today.

Tipu said that Bangladesh has already sent a list of items to Malaysia to avail duty-free access in their market, said a Commerce Ministry press release.

Terming Malaysia as a 'friendly nation' of Bangladesh, he said that Bangladesh has been enjoying trade and economic relationship with Malaysia for long. Bangladesh imports a wide range of items from Malaysia including vegetable fat and palm oil.

Quoting official data, the Commerce Minister informed that the trade deficit between the two countries in the last fiscal year (FY22) stood at $2,951.69 million as Bangladesh imported goods worth $3,289.5 million from Malaysia against the export of $337.81 million.

He opined that the trade deficit between the two countries is still very high due to the high tariff.

In response, the Malaysian High Commissioner said that her country wants to boost trade and economic relationship with Bangladesh.

Noting that the Malaysian cars are very much popular in the global market, she said that Bangladesh can also import those cars from Malaysia if the high tariff is reduced.

The envoy also said that Malaysia wants to tap the potentials for boosting bilateral trade and commerce.

Commerce Ministry additional secretary M Abdur Rahim and other high officials of the Ministry and Malaysian High Commission, among others, were present on the occasion.