{"id":120824,"date":"2021-12-02T18:55:11","date_gmt":"2021-12-03T01:55:11","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=120824"},"modified":"2021-12-02T18:55:11","modified_gmt":"2021-12-03T01:55:11","slug":"pakistan-and-bangladesh-should-reap-the-benefits-from-potential-growing-economic-ties","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2021\/12\/02\/pakistan-and-bangladesh-should-reap-the-benefits-from-potential-growing-economic-ties\/","title":{"rendered":"Pakistan And Bangladesh Should Reap The Benefits From Potential Growing Economic Ties"},"content":{"rendered":"

MD Pathik Hasan<\/em><\/span><\/h2>\n\n\n

Bangladesh and Pakistan together\nmake up 5 percent of the world’s population. The Possibilities of market value\nin the case of export and import between these two states are inevitably huge.\nBut the trade between the two countries of 39 crore people is now only 6-7\nhundred million dollars. This is a very small share in the exports of both\ncountries. In 2019-20, only 50 million worth of goods went from Bangladesh to Pakistan.\nIt has the potential to grow exponentially. The industrial sector of both\ncountries has expanded tremendously in the last 50 years. The industrialists of\nthe previous generation knew the details of each other’s people and markets.\nThe next generation of industrialists is unable to make use of that historical\nexperience due to a lack of political action.
\n
\nIndia and China have been in the midst of a war frenzy for the past year. But\nin the meantime, it has done business worth about 109 billion dollars. The\nexample of Pakistan-India may be more relevant in this regard. The two\ncountries exchange gunfire every week. There have been three large-scale\nbattles between them. But in the meantime, they are selling products. In the\n2019-20 fiscal year, goods worth 300 million US dollars went from India to\nPakistan. Last year it was almost four times more. They may go back to the\nprevious state in the future. If Pakistan-India can continue to trade despite\nthe fragility of political relations, Bangladesh can do the same with both\ncountries. You need to be able to. Building a market in South Asia is becoming\nmore urgent for Bangladesh to escape the European-American political caution.<\/p>\n\n\n\n

Pakistan has put Bangladeshis on the\npriority list for visas since 2019. Both countries can make it easier to boost\nexport trade. This will increase the market of jute, tea and tobacco in\nBangladesh, Pakistan will also increase the export of yarn, sugar, etc.\nHowever, in order to make the current trade balance more favorable for Bangladesh,\npolicy support from Pakistan is needed. After a long hiatus, Pakistan has\nalready shown diplomatic interest in developing relations by sending an\nambassador to Bangladesh. They have to go further. Islamabad has a lot of\nresponsibility to heal the historical wounds of Bangladesh. Many Pakistani\npolicymakers want Bangladesh to forget the 1971 Independence war and move\nforward. But it is not easy on the part of Bangladesh; Not even possible.\nRather, it would be convenient in practical terms to solve the problems arising\nfrom the seventy-first chapter quickly. It is high time for Pakistan to realize\nthe situation. Those are not to be avoided. Pakistan wants to increase trade\nrelations with Bangladesh. The Canada-based International Forum for Rights and\nSecurity, a think tank, recently published a report on Bangladesh and Pakistan.\nIt has been shown there that Bangladesh is ahead in all areas of the index.\nMany Western economists have called on all countries to follow the Bangladesh\nmodel in the development of South Asia.<\/p>\n\n\n\n

According to Bangladeshi Media,\nBangladesh Commerce Minister Tipu Munshi has said that Pakistan is keen to\nboost trade and economic ties by maintaining good relations with Bangladesh on\nJanuary 26, 2021. He said there were problems in some areas in trade with\nPakistan. If they are removed, the trade will increase further. Both countries\nhave huge potential to increase trade and commerce. This opportunity can be\nused. He made the remarks during an exchange of views with Pakistan’s High Commissioner\nto Dhaka Imran Ahmed Siddiqui at his office in Dhaka on Wednesday (January\n26th, 2021).<\/p>\n\n\n\n


\nThe Commerce Minister of Bangladesh said Bangladesh’s trade with Pakistan is\nongoing. Tea, pharmaceutical products, readymade garments, ceramic products,\nshoes, leather and jute products are exported from Bangladesh to Pakistan.<\/p>\n\n\n\n

There is an opportunity to further\nincrease these exports. Under the leadership of Prime Minister Sheikh Hasina,\nBangladesh is advancing rapidly in all fields including economic and social.\nThe development of Bangladesh is now visible. Bangladesh’s capacity in\ninternational trade has increased.
\n
\nHe said Pakistan had recently imposed anti-dumping on hydrogen peroxide\nexports. Such measures hinder the development of trade. Any existing problem\ncan be solved through discussion. The problems can be identified and resolved\nat a meeting of the Joint Economic Commission (JEC) between the two countries.\nTraders have an important role to play in increasing trade. Traders can\nincrease trade by visiting each other’s countries. Necessary cooperation can be\ngiven in this case.
\n
\nPakistan’s High Commissioner Imran Ahmed Siddiqui said the Pakistani government\nwants to move forward by developing trade relations with Bangladesh. There is\nample opportunity to enhance trade and economic relations between the two\ncountries. Pakistan is keen to enhance trade and economic ties while\nmaintaining good relations between the two countries. Ceramic products made in\nBangladesh are being widely used in various government departments of Pakistan.
\n
\nEnvoy Imran requested that visas for visits to Bangladesh be made easier for\nPakistanis for personal and business purposes and that Dhaka-Karachi direct\ncommunication is introduced for the transportation of goods. He also called for\na single country fair for Bangladeshi products in Pakistan and stressed holding\nthe 9th meeting of the Joint Economic Commission (JEC).
\n
\nIn the last fiscal year 2019-2020, Bangladesh exported goods worth. 50.54\nmillion to Pakistan. During the same period, it imported goods worth 543.90\nmillion US dollars. If trade complexities are removed in some cases, the export\nof Bangladeshi products to the Pakistani market will increase further.\nBilateral trade between Pakistan and Bangladesh for the year 2020-21 was\n$721.67 million. Of which Pakistan\u2019s exports to Bangladesh in that time were\n$650.21 million while imports stood at $71.45 million. Bangladesh is one\nof the top 10 export destinations for Pakistani products. (Data are collected from reports of\nvarious media outlets)<\/p>\n\n\n\n

Pakistan can export cotton, yarn,\nfabric, leather, inorganic chemicals, vegetables and electronics (fan), halal\nfoods to Bangladesh. There is a high demand for these products in Bangladesh.\nOn the other hand, Bangladesh can export its world-class medicines, apparel,\nagro-products, halal foods, ceramics, etc.  Bangladesh can benefit from\nusing Pakistan\u2019s Gwadar port and China-run CPEC. Bangladeshi products can be\nexported to Central Asia and imported from the region easily. As a result, Pak-BD\nties would boost up more. Both sides can also work in promoting cooperation in\nthe areas of science and technology, information technology, health care,\ndigital cooperation, SME [Small and medium-sized enterprises] development,\ntourism, etc. Bangladesh has vast experience in dealing with refugees, tackling\nclimate change approach, countering terrorism, human resource development.\nPakistan has experience in the sector of religious tourism. Both countries can\nexchange these advantages. <\/p>\n\n\n\n

According to some reports of the\nmedia outlets and data of Pakistan\u2019s central bank, in the first three months of\nthe current financial year, the trade volume between Bangladesh and Pakistan is\ngrowing day by day. Bangladesh is now at the top of Pakistan’s\nforeign trade list. Although having some political problems between Pakistan\nand Bangladesh but the bilateral relationship between the two South Asian\ncountries is growing.  According to those reports, Bangladesh-Pakistan\ntrade in the goods and services sector increased by about 37 percent (36.90\npercent) in the first three months of the 2021-22 fiscal year compared to last\nyear. The import of Pakistan from Bangladesh has increased by about 44 percent\n(43.96 percent) this year. From July to September of the 2020-21 fiscal year, Pakistan\nimported goods worth just over 12 million. Which stood at 17 million at that\ntime in the 2021-22 fiscal year. It is true that bilateral trade is increasing\nbetween Bangladesh and Pakistan. Pakistan and Bangladesh should reap the\nbenefits from growing their trade ties.<\/p>\n\n\n\n

However, there are many potentials\nin economic relations between Bangladesh and Pakistan. But this should be\nrealized by the government of Pakistan for its own interest. Because they need\nBangladesh’s help and support in reviving their fragile economy and raising\nvarious regional issues at all international forums. The sooner the Pakistani\ngovernment realizes this, the better for them. Pakistan and Bangladesh can\nbenefit from growing trade ties. <\/p>\n","protected":false},"excerpt":{"rendered":"

MD Pathik Hasan Bangladesh and Pakistan together make up 5 percent of the world’s population. The Possibilities of market value in the case of export and import between these two states are inevitably huge. But the trade between the two countries of 39 crore people is now only 6-7 hundred million dollars. This is a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[179],"tags":[],"class_list":["post-120824","post","type-post","status-publish","format-standard","hentry","category-md-pathik-hasan"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/120824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=120824"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/120824\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=120824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=120824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=120824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}