Bangladesh has signed a memorandum of understanding with the Eurasian Economic Commission (EEC) to enjoy trade privileges and economic cooperation in the region.
Commerce Minister Tipu Munshi signed the MoU with the EEC in the Russian capital of Moscow on May 31.
The Eurasian Economic Union (EAEU), a region like the European Union, is becoming a major export destination for Bangladesh, especially for the garment sector.
It comprises five Eastern Europe and central Asian countries: Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan. Since, there is no customs border among the EAEU nations, this region could be a good market for Bangladesh, according to a statement from the commerce ministry yesterday.
This area’s population is 18.27 crore, per capita income $27,000 and GDP $5 trillion, the statement said.
Through the signing, Bangladesh expects to increase the export volume of garment items, jute, frozen shrimp and potatoes.
Bangladesh has been lobbying with the Russian government for many years to avail duty-free benefits but it was hindered by the common customs.
Under the MoU, Bangladesh and the EAEU will form committees which will work in 18 different areas mainly to create an environment for introducing trade privileges between Bangladesh and the EAEU region, the statement also said.
Munshi also held a meeting with Russian and Bangladeshi businesspeople in Russia on future prospects.