Tipu Munshi seeks cooperation from Russia over removing trade barriers

Commerce minister Tipu Munshi has urged Russia to remove the existing trade barriers for boosting bilateral trade between the two friendly countries.

In order to boost the country’s export, the minister also sought cooperation from Russia over direct product export to the Russian market for tapping the huge potential.

Tipu Munshi made such requests while Russian ambassador to Bangladesh Alexander V Mantytskiy called on him at his secretariat office in the capital on Monday.

Meanwhile, Mantytskiy, in response said that the Russian government is very keen to resolve ongoing complications regarding the trade and commerce between the two countries.

“Russia wants to assist Bangladesh for the latter’s development as Russia attaches special importance to Bangladesh,” he said.

According to Export Promotion Bureau data, Bangladesh exported goods worth $665.31 million to Russia while imported goods worth $466.70 million in the last fiscal year.

The Commerce minister said, “Russia and Bangladesh have huge possibilities to expand trade and commerce between the countries which are being hindered by the complications over the customs duties and transactions in banking channels.”

“We have specified the complications and are trying to resolve them. Bangladesh will be able to export a large number of goods including readymade garments to Russia after resolving the obstacles.” he said.

Russia’s sincere cooperation is necessary for direct import of readymade garments in the Russian market, he added.

The newly-appointed Russian ambassador said, “Since there is a lot of demand for Bangladeshi products in Russia, trade and investment in both countries will be increased if the ongoing trade barriers are removed.”

“The Russian government is sincere in overcoming the ongoing problems. Russia wants to be a partner in the development of Bangladesh,” said the envoy.

The commerce minister also said that Bangladesh is moving forward at a faster pace under the leadership of Prime Minister Sheikh Hasina while Bangladesh is now implementing mega development projects.

Bangladesh is also interested in increasing exports to the Eurasian Economic Union and Common-wealth of Independent States countries as well, Munshi told the Russian envoy.