The government has taken initiative to strengthen trade relations with the Latin America’s countries as part of a plan to widen the export market, said foreign ministry sources.
After Corona pandemic, Prime Minister Sheikh Hasina instructed the concerned officials to look for new markets abroad to export medicines, plastic products, leather products, shoes, children’s toys, mattresses, medical equipment and including readymade garments.
In line with the prime minister instruction the foreign ministry has taken initiative to boost trade relation with Latin America’s countries Brazil, Argentina, Peru, Uruguay, Chile, Bolivia, Colombia, Ecuador, Paraguay and Venezuela.
Although the diplomatic relations between Bangladesh and Argentina came into focus following overwhelming support of the Bangladeshi fans for the Argentine team during the FIFA World Cup 2022, the foreign ministry sources said the government has taken initiative to strengthen trade relations with all the Latin American countries.
Currently, two way trade between Bangladesh and Latin American countries has been insignificant compared the trade with North American nations.
According to Export Promotion Bureau (EPB), Bangladesh exported goods worth $ 95,18,214.73 to Argentina, $ 10,92,02504.1 to Brazil, $ 31,92,315.09 to Bolivia, $ 19,19,73,377.3 to Chile, $ 68,98,3873.31 to Colombia, $ 46,21,937.48 to Ecuador, $ 58,79,984.52 to Paraguay, $ 73,780,343.16 to Peru, $ 38,73,1323.47 to Uruguay and $ 9334425.95 to Venezuela in fiscal year 2021-22.
On the other hand, Bangladesh imports edible oil, wheat, sugar, meat and various types of dry fruits and spices from some countries of Latin America including Argentina and Brazil.
According to Bangladesh Bank, the country imported goods worth Tk 6843.75 crore from Argentina, Tk 19426.48 crore from Brazil, Tk 1207.33 crore from Paraguay, Tk 314.64 crore from Peru and Tk 411.81 crore from Uruguay in the fiscal 2021-22.
Bangladesh didn’t import any kind of goods from Chile, Bolivia, Venezuela and Colombia during the fiscal.
A senior official of foreign ministry told The News Times that the government has now given importance to Latin American countries. That’s why the the Americas wing of the foreign ministry has been divided into two parts – South America wing and North America wing. “Now we are working on how to extend our export and import to those countries.”
