Refayet Ullah Mirdha

Exports continued their spirited showing into the new fiscal year, bringing home $4.59 billion in July, in what can be viewed as a lone bright spark in the economy that has been dogged by fast depleting reserves, narrow fiscal space and slowing industrial activities.

Bangladesh focused on areas of duty-reduction and increasing investment from Japan during recent discussions on the potential signing of an Economic Partnership Agreement (EPA) between the two countries, according to an official of the commerce ministry.

The biennial election of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) scheduled for July 31 is going to be an exercise to maintain a formality since a majority of the directors have already been nominated and elected unopposed. 

Bangladesh and Japan yesterday outlined areas of focus for a joint study that would act as a principal guideline for signing an economic partnership agreement (EPA) to increase bilateral trade and investment between the two countries.

A second round of discussions between Bangladesh and Japan starts in Dhaka today to finalise negotiations focusing a joint study, which would act as a guideline principle for signing an economic partnership agreement (EPA).  

Daylong Dhaka summit begins on Bangladesh-Japan economic relations

Kazushige Nobutani, president of the Japan External Trade Organisation (Jetro), is scheduled to come to Bangladesh today along with Yasutoshi Nishimura, minister for economy, trade and industry of Japan. Their visit is aimed at discussing the Economic Partnership Agreement (EPA) the two countries plan to ink in order to promote trade and investments. In an email interview with The Daily Star, Nobutani spoke about investment opportunities in Bangladesh for Japanese firms and challenges the face, among other issues.

It all started in early 2008 when the Japanese government announced the “China Plus One Strategy” to cut its over-reliance on the manufacturing behemoth by setting up business operations in other countries.

Experts blame dearth of skilled employees, managers locally

Bangladesh and Japan will soon discuss the findings of a joint study on signing the proposed Economic Partnership Agreement (EPA) for furthering trade and investment between the two countries.

Bangladesh will again urge the US for duty-free access as the tariff imposed on exports from the country is one the highest faced by goods entering the western nation, according to Senior Commerce Secretary Tapan Kanti Ghosh.

Senior Commerce Secretary Tapan Kanti Ghosh says

The slowdown in the global economy stemming from the fallout of Covid-19 and the Russia-Ukraine war sent merchandise shipment to the United States from Bangladesh lower in the just-concluded fiscal year.

The settlement of trade with India in the rupee will offer some benefit to exporters as this is expected to protect them from currency conversion loss and save time, according to a number of business people.

A meeting between the commerce secretaries of Bangladesh and India is likely to be held in Dhaka next month to review the progress towards signing a comprehensive economic partnership agreement (Cepa) to increase bilateral trade and investment.

Preparations are underway by a board which would hold an election in Dhaka on July 31 to form the top management of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for the 2023-25 term. 

The introduction of the Indian currency in settling transactions of bilateral commerce will cut Bangladesh’s reliance on the US dollar and deepen two-way trade, said a top chamber yesterday.  

Apparel exporters are anticipating that the next six months will be challenging for the garment industry in Bangladesh as they receive fewer work orders from international buyers amid inflationary pains and depressed customer sentiments.

Apart from garment items, some non-traditional products played a vital role in gaining export earnings for Bangladesh even amid the global economic slowdown in the previous fiscal year.

Exports fetched a record $55.56 billion in fiscal 2022-23 amid challenging conditions at home and abroad, in what can be viewed as one of the few bright sparks in the economy at present.