Tipu urges Brazil to cut 35pc import duty

23 August, 2019 12:00 AM printer

Tipu urges Brazil to cut 35pc import duty

Commerce Minister Tipu Munshi has requested the Brazilian government to reduce the existing 35 percent import duty to ease the method of exporting Bangladeshi readymade garment (RMG) and other items to its market.

“If Brazil lowers the duty on import items, its people could get chance to buy world class Bangladeshi RMG at a reasonable price,” he said during a meeting with the leaders of São Paulo Chamber of Commerce on August 20 in the first phase of his visit to the MERCOSUR, the Southern Common Market comprised of Brazil, Argentina, Paraguay and Uruguay, according to a ministry press release received in Dhaka on Thursday, reports BSS.

To this end, the commerce minister also sought sincere cooperation of Brazilian businessmen and importers alongside the government to pave the way for Bangladeshi products in the country’s market.

Referring to Bangladesh’s ongoing endeavor, he told the leaders of the trade body that the main trade barrier, high import duty can be reduced through signing free trade agreement (FTA). The minister also invited the Brazilian businessmen to visit Bangladesh to find out ways for boosting the bilateral trade.

Highlighting the different facilities offered by the government to the foreign investors, Tipu said Bangladesh is developing 100 special economic zones with the initiative of

Prime Minister Sheikh Hasina and if they (Brazilian Businessmen) want to invest the government is ready to allot a separate zone to them.

In the meeting, Bangladesh Garment Manufacturers and Exporters Association (BGMEA) and São Paulo Chamber of Commerce signed a memorandum of understanding (MoU). They also decided to strengthen cooperation between BGMEA and Textile and Apparel Department of Brazil. An announcement was also made to hold single country trade fair by the BGMEA on November 7-8 in Sau Paulo.