Bangladesh commerce minister Tipu Munshi has requested Brazil to reduce the 35 per cent import duty to ease export of readymade garments (RMG) and other items to its market. If Brazil lowers the duty, consumers there can buy reasonable-priced quality Bangladeshi RMG, he said during a meeting with the leaders of São Paulo Chamber of Commerce recently.
He was on a visit to MERCOSUR, the southern common market comprising Brazil, Argentina, Paraguay and Uruguay, according to a ministry press release. Munshi also sought cooperation from the Brazilian Government and businessmen and importers there to pave the way for Bangladeshi products in the market there, Bangladesh newspapers reported. He told leaders of the trade body that the main trade barrier, high import duty, can be reduced through signing a free trade agreement (FTA).
Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and the São Paulo Chamber of Commerce signed a memorandum of understanding (MoU) to strengthen cooperation. It was also announced that a BGMEA will organise a trade fair on November 7-8 in Sau Paulo. In the last fiscal, Bangladesh exported $176.90 million of products to Brazil and imported products worth $1520.60 million.
