Highlighting the trade deficit with Malaysia, Commerce Minister Tipu Munshi said Bangladesh’s export to Malaysia will be enhanced if it gets duty free access to the Southeast Asian country. Tipu Munshi made the observation during a discussion with Malaysia’s High Commissioner to Dhaka Haznah Md Hashim during a meeting at the Secretariat Thursday (20 October).
He said, ‘Bangladesh imports various products from Malaysia including vegetable fat and a lot of palm oil. But it is not possible to export that much Bangladeshi products to Malaysia due to a high tariff there.’
The commerce minister said that in the last fiscal year 2021-2022, Bangladesh imported goods worth $3,289.5 million from Malaysia, while during the same period it exported goods worth only $337.81 million. Trade deficit stood at $2,951.69 million. Tipu Munshi said there is no alternative to increasing the export of Bangladeshi products to Malaysia to meet this huge trade deficit.
Bangladesh has already sent a list of several export products to Malaysia for duty-free facilities, noted the minister. Malaysian High Commissioner Haznah Hashim said, Malaysia is also interested in increasing trade and economic relations with Bangladesh.
Additional Secretary (Export) to the commerce ministry Abdur Rahim and senior officials of the Ministry of Commerce and Malaysian High Commission Councillor Anis Wajdi Md Yusoff and First Secretary Md Aszuan Bin ABD Samat were present during the meeting.
