Economic ties between Pak & BD
BANGLADESH and Pakistan together make up five per cent of the world’s population. The market value of communication between these two states is inevitably huge.
But the trade between the two countries of 39 crore people is now only 6-7 hundred million dollars. This is a very small share in the exports of both countries.
In 2019-20, only 50 million worth of goods went from Bangladesh to Pakistan. It has the potential to grow exponentially. The industrial sector of both the countries has expanded tremendously in the last 50 years.
The industrialists of the previous generation knew the details of each other’s people and markets. The next generation of industrialists is unable to make use of that historical experience due to lack of political action.
India and China have been in the midst of a war frenzy for the past one year. But in the meantime, it has done business worth about 109 billion dollars. The example of Pakistan-India may be more relevant in this regard.
The two countries exchange gunfire every week. There have been three large-scale battles between them. But in the meantime, they are selling products. In the 2019-20 fiscal year, goods worth 300 million US dollars went from India to Pakistan. Last year it was almost four times more.
They may go back to the previous state in the future. If Pakistan-India can continue to trade despite the fragility of political relations, Bangladesh can do the same with both countries.
Building a market in South Asia is becoming more urgent for Bangladesh to escape the European-American political caution.
Pakistan has put Bangladeshis on the priority list for visa since 2019. Both countries can make it easier to boost export trade. This will increase the market of jute, tea and tobacco in Bangladesh, Pakistan will also increase the export of yarn, sugar, etc.
However, in order to make the current trade balance more favourable for Bangladesh, policy support from Pakistan is needed.
After a long hiatus, Pakistan has already shown diplomatic interest in developing relations by sending an Ambassador to Bangladesh.
According Bangladeshi media, Bangladesh Commerce Minister Tipu Munshi has said that Pakistan is keen to boost trade and economic ties by maintaining good relations with Bangladesh in a meeting with Pakistan’s High Commissioner to Dhaka Imran Ahmed Siddiqui at his office in Dhaka in January this year. He said there were problems in some areas in trade with Pakistan.
If they are removed, trade will increase further. Both countries have huge potential to increase trade and commerce.
This opportunity can be used The Commerce Minister of Bangladesh said Bangladesh’s trade with Pakistan is ongoing. Tea, pharmaceutical products, readymade garments, ceramic products, shoes, leather and jute products are exported from Bangladesh to Pakistan. There is an opportunity to further increase these exports.
Under the leadership of Prime Minister Sheikh Hasina Wajed, Bangladesh is advancing rapidly in all fields including economic and social sectors. The development of Bangladesh is now visible.
Bangladesh’s capacity in international trade has increased.He said Pakistan had recently imposed anti-dumping on hydrogen peroxide exports. Such measures hinder the development of trade.
Any existing problem can be solved through discussion. The problems can be identified and resolved at a meeting of the Joint Economic Commission (JEC) between the two countries.
Traders have an important role to play in increasing trade. Traders can increase trade by visiting each other’s countries.
Necessary cooperation can be given in this case.
Pakistan’s High Commissioner Imran Ahmed Siddiqui said the Pakistani government wants to move forward by developing trade relations with Bangladesh. There is ample opportunity to enhance trade and economic relations between the two countries.
Pakistan is keen to enhance trade and economic ties while maintaining good relations between the two countries.
Ceramic products made in Bangladesh are being widely used in various government departments of Pakistan.
Envoy Imran requested that visas for visits to Bangladesh be made easier for Pakistanis for personal and business purposes and that Dhaka-Karachi direct communication be introduced for the transportation of goods.
He also called for a single country fair for Bangladeshi products in Pakistan and stressed on holding the 9th meeting of the Joint Economic Commission (JEC).
In the last fiscal year (2019-2020), Bangladesh exported goods worth. 50.54 million to Pakistan. During the same period, it imported goods worth 543.90 million US dollars.
If trade complexities are removed in some cases, the export of Bangladeshi products to the Pakistani market and the Pakistani products to Bangladeshi market.
—The writer is contributing columnist, based in Bangladesh.
