The 5th Joint Economic Commission meeting between Bangladesh and Iran begins in Dhaka today with the aim of boosting bilateral business and economic cooperation between the two countries.
Bangladesh finance minister AMA Muhith will lead the home side and Iran industry, mine and trade minister Mehdi Ghazanfari will lead the 37-member Iranian delegation to the JEC meeting.
The Economic Relations Division will host the meeting between Bangladesh and Iran, both the member countries of Organisation of Islamic Cooperation and have been enjoying business relationship for many years.
‘After the end of the two-day meeting on Thursday a memorandum of understanding will be signed on agreed minutes of the two-way discussion,’ a senior official of the ERD told New Age on Tuesday.
‘There is an opportunity to enhance the bilateral trade between Iran and Bangladesh. But there is also a barrier to boosting the business and economic cooperation between the two countries as Iran is currently facing economic sanctions imposed by the United States because of its alleged nuclear proliferation,’ he said.
A bilateral trade agreement between Bangladesh and Iran was signed on June 9, 2005 for five years with a provision of automatic renewal of the deal unless terminated.
A preferential trade agreement was also signed between Bangladesh and Iran on July 25, 2006 during the 4th Joint Economic Commission held in Tehran.
According to the desire of the Iranian government, Bangla, English and Persian versions of the PTA were signed by both the countries, he said.
‘Though Iran is one of the major trading partners of Bangladesh in the Middle East, bilateral trade between the two countries did not get momentum due to the US sanctions on Iran,’ ERD officials said.
During the year 2010-2011 Bangladesh exported goods worth $97.15 million to Iran and imported goods worth $63.30 million from Iran. But this year the bilateral trade between the two countries marginally declined.
According to the latest data of the Export Promotion Bureau and the Bangladesh Bank, Bangladesh exported goods worth $46.64 million in Iran in the first eight months (July to February) of this fiscal year.
On the other hand, Bangladesh imported goods worth $5.10 million from Iran during July to January of the current fiscal year.
The ERD officials said the two countries were trying to expand bilateral trade between them.
The potential items of Bangladesh for the Iranian market include jute and jute goods, readymade garments, knitwear, home textile, jute yearn and twine jute carpet, jute pharmaceuticals, bicycle, leather goods and accumulator batter and parts.
Main importable items for Bangladesh from Iran are edible fruit nuts, tea and spices, miscellaneous edible preparation, salt, sulphur, earth stone, plastering materials, lime and cement, organic chemical, miscellaneous chemical, plastic articles, cotton, articles of stone, iron and steel.
Bangladesh took part in D-8 Trade Fair held in Iran in February 16-19, 2006 and obtained spot order for jute and jute bags worth $0.12 million. It was the last participation of Bangladesh in an Iranian trade show.
Iranian businessmen participate in Dhaka International Trade fair every year.
-With New Age input
