KUALA LUMPUR – Bangladesh hopes to finalise and ink a free-trade agreement (FTA) with Malaysia in order to boost bilateral trade, said Bangladesh High Commissioner to Malaysia Md Golam Sarwar.
“Both countries had earlier agreed, in principle, to inking a free-trade agreement to boost bilateral trade. I believe this is high time to accelerate the work of signing a comprehensive free-trade agreement covering trade in goods, and in services and investment,” he said in a recent speech at the Ambassador Global Lecture Programme organised virtually by Universiti Teknologi Malaysia (UTM).
During the lecture, themed “50 years of diplomatic relations between Bangladesh and Malaysia and the way forward“, Golam said that in order to ensure a sustainable trade, Bangladesh is negotiating with the Malaysian government to grant duty-free market access to a number of Bangladeshi products under the Global System of Trade Preferences (GSTP).
“We are also requesting for the Malaysian side to import pharmaceutical products, leather goods, ready-made garments, ceramic, footwear and agricultural products at greater volumes, which are of very high quality and reasonably priced in Bangladesh.
“Early conclusion of the ongoing bilateral free-trade agreement will provide a good beginning to further augment the trade relationship in a win-win manner,” he added.
Currently, he said, bilateral trade between Bangladesh and Malaysia is valued around US$2.5 billion (RM10.3 billion).
The high commissioner also said the republic is keen to make Malaysia an entry point to Asean and to be strategically involved with the other Asean countries, as well as to be more connected in the Regional Comprehensive Economic Partnership.
“In spite of having vibrant bilateral relations with the individual countries, Bangladesh’s institutional engagement with Asean is limited to its membership in the Asean Regional Forum.
“Bangladesh has solicited the support of Malaysia for facilitating Bangladesh’s attainment of the status of sectoral dialogue partner of Asean,” he said.
On moving forward in strengthening trade relations, he suggested that both countries work together to promote innovation-driven development and information technologies such as artificial intelligence, big data, quantum information and biotechnology, smart cities, and digital economy.
He said Malaysia and Bangladesh can also boost collaboration to enhance deep-sea fishing capacity, seabed exploration, capacity building, and skills development in marine sciences and the blue economy.
He added that both countries can use their strategic connectivity points, Port Klang and Chittagong Port, respectively, to strengthen trade ties. – Bernama, April 19, 2021
