On 17 January 2024, H.E. Mr. Yao Wen, Ambassador of China to Bangladesh, called on H.E. Mr. Ahsanul Islam (Titu), MP, Honorable State Minister of Commerce.     The two sides spoke highly of the major achievements in trade and investment between China and Bangladesh, and agreed to expand the scale of bilateral trade, especially the export of Bangladeshi high-quality specialty products to China.   They also deeply discussed on promoting China-Bangladesh FTA negotiation, providing more financial support for bilateral trade, and attracting more Chinese enterprises to invest in Bangladesh, so as to help Bangladesh realize its export diversification strategy and benefit the Bangladeshi people.  

Gina Raimondo urged lawmakers, Silicon Valley and US allies to stop the Asian superpower from accessing advanced chips and other top technologies The commerce secretary cited Nvidia, which recently developed a product that performs just below the limit set by her department for export to China US Commerce Secretary Gina Raimondo on Saturday urged lawmakers, Silicon Valley and US allies to stop China from getting semiconductors and cutting-edge technologies key to national security. Speaking at an annual national defence forum in Simi Valley, California, Raimondo called Beijing “the biggest threat we’ve ever had” and stressed “China is not our friend.” The world’s top two economies are locked in a fierce commercial and geopolitical rivalry, in which her department plays a leading role. In October, Raimondo unveiled a series of restrictions on the export of advanced chips to China, including those used in the development of artificial intelligence (AI), to prevent their use by Beijing for its military. “I know there are CEOs of chip companies in this audience who were a little cranky with me when I did that, because you’re losing revenue. Such is life, protecting our national security matters more than short term revenue.” “Newsflash: democracy is good for your businesses. Rule of law here and around the world is good for your businesses,” she said. Raimondo noted that Nvidia, maker of the most sophisticated chips needed to develop the latest generation of AI, had developed a product that performs just below the limit set by her department for export to China. “That’s what industry does,” she acknowledged, but added, “That’s not productive.” “Every day China wakes up trying to figure out how to do an end run around our export controls … which means every minute of every day, we have to wake up tightening those controls and being more serious about enforcement with our allies,” she said. Raimondo stressed that her department needs better funding to effectively carry out its mission. “I have a US$200 million budget. It’s like the cost of a few fighter jets. Come on,” she said. “Let’s go fund this operation like it needs to be funded so we can do it, we need to do to protect America.” “America leads the world in artificial intelligence … America leads the world in advanced semiconductor design,” Raimondo said. “That’s because of our private sector. No way are we going to let [China] catch up.”   Source: South China Morning Post

Pakistan’s recent restrictions on the transfer of goods have raised concerns among Afghan traders and freight forwarders in China. These restrictions have led to a substantial trade challenge, with 8,700 containers carrying commercial goods coming to a halt at the Karachi port. According to these businessmen, Pakistan imposes a fine of $200 for each container, resulting in significant financial losses for them. “If the containers are not allowed, we have no choice; we either go to the United Nations or the European Union to solve the issue,” Khan Agha Gulzad, head of the Afghan Merchants Union in China, said. Meanwhile, Afghan traders have called upon the Taliban administration to address the issue diplomatically. “We respectfully request the current administration of Afghanistan to resolve the issue via diplomatic and understanding means. [If it doesn’t happen] this is a very economic blow to Afghanistan’s national businessmen and people,” Zabihullah, a member of the Afghan Merchants Union in China, said. Furthermore, officials representing the Afghanistan-Pakistan joint chamber have expressed concern over imposing restrictions and creating barriers to transit goods. They argue that such actions counter established principles and commercial laws, emphasizing that such practices should be avoided to maintain smooth trade relations between the two countries. Concurrently, the Ministry of Industry and Commerce (MoIC) has proactively addressed the challenges posed by goods in transit with Pakistan. Recognizing the importance of resolving these issues promptly, the MoIC actively works to find solutions. “Unfortunately, what Pakistan is doing is against all international laws. Therefore, we work on alternative ways and reach the goal we have set for ourselves,” Abdulsalam Jawad Akhundzada, a spokesman for MoIC, said. Source: khaama.com

Bangabandhu Sheikh Mujibur Rahman Tunnel under the Karnaphuli River in Chattogram is getting ready for opening to traffic as its 98 percent construction works have been so far completed.   Project Director (PD) Md Harunur Rashid Chowdhury told said, “Now the workers are bustling to give  final touch   as Prime Minister Sheikh Hasina is expected to the tunnel in September.”   He said workers and engineers concerned are working round the clock for opening the mega project to traffic  in  September.   “Already 98 percent of the tunnel work has been completed. The remaining two percent works will be completed soon. However, the project tenure will end on December 30,” he said.   The project director said there is no major work in the tunnel, while both tubes are ready, adding, “If everything goes well, then we can finish the work by August. However, the ministry will decide when it will be inaugurated.”   Earlier, Road Transport and Bridges Minister Obaidul Quader at a function said Prime Minister Sheikh Hasina will open the Bangabandhu Sheikh Mujibur Rahman Tunnel.   According to project details, the tunnel will actually turn Chattogram into "one city with two towns". It is being constructed beneath the Karnaphuli River and it is expected to be opened for vehicular movement in September this year.   The multilane tunnel will directly connect the Chattogram Port with Anwara upazila, which will directly connect Cox's Bazar with Chattogram.   The project details said, two tubes have been constructed within an 11-metre gap so that heavy vehicles can pass through the tunnel easily.   The length of the tunnel is 3.40 kilometres with an approach road of 5.35 kilometres alongside a 740-metre bridge linking the main city, port and the western side of the river with its eastern side.   As part of the project, bridges, totalling 740 metres in length have been built, linking the main port city and western side of Karnaphuli River with the heavily industrializing eastern side of the river and Anwara upazila.   Bangabandhu's daughter Prime Minister Sheikh Hasina inaugurated the boring work of the first tunnel tube on February 24, 2019.   Prime Minister Sheikh Hasina and Chinese President Xi Jinping jointly laid the foundation stone of the Bangabandhu Tunnel on October 14, 2016. China Communications Construction Company Ltd is working as the contractor of the project.   The tunnel will connect the proposed Asian Highway with Dhaka-Chattogram- Cox'sBazar Highway along with reducing the distance by 40 km. Vehicles in this tunnel will run at a speed of 80 km per hour.   Bangabandhu Tunnel is being built at a cost of Taka 10,374 crore. The tunnel project is being implemented with joint funding from the governments of Bangladesh and China. The Exim Bank of China is giving a loan of Taka 5,913 crore at two per cent interest while the Bangladesh government is funding the remaining portion.   Newly elected president of Federation of Bangladesh Chamber of Commerce and Industries and former president of Chattogram Chamber of Commerce and Industries Mahbubul Alam recently told BSS that once the tunnel is opened, it will be a game changer for the southeast region of Bangladesh, presenting a solution to connectivity issues to the rest of the country.

Commerce Minister Tipu Munshi today urged the global investors to come up with investment in the country's special economic zones saying that investors are well protected in Bangladesh. "Investors are well protected in Bangladesh and we have a good number of agreements to avoid double taxation. So, dear investors, don't miss the train," he told a plenary session as the chief guest here. The event titled "Bangladesh: $100 billion investment opportunities in key sectors for investors to leverage" held on the 2nd day of the Bangladesh Business Summit, 2023 at the Bangabandhu International Conference Center (BICC) in the capital. Prime Minister's Private Industry and Investment Adviser Salman F Rahman made the key-note presentation moderated by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) President Md Jashim Uddin. State Minister for Foreign Affairs Md Shahriar Alam, UK Minister of State for Indo Pacific Anne-Marie Trevelyan spoke as guests of honour. Principal Secretary to the Prime Minister Tofazzel Hossain Miah, Chairman and CEO of Youngone Corporation, Bangladesh Kihak Sung, former FBCCI President AK Azad, Regional CEO of Marubeni Corporation Takeshi Mamiya, DG of KOTRA Jong Won Kim, and CEO of CWEIC, UK Rosie Glazebrook spoke as panelists. Highlighting a set of facilities for the investors, the commerce minister said the Bangladesh Bank has formulated a prudent policy intervention, the NBR established national single window, BIDA established One Stop Service and the Ministry of Commerce established digital linkage with the office of the Registrar of Joint Stock Companies and Firms. Tipu said there is a potential to make investment of more than $100 billion in Bangladesh by the valued investors. He said that the priorities of the government are to open up the untapped markets of Eurasia, African Continent and others. The commerce minister said his ministry is always ready to create and facilitate business-friendly environment in the country. He said although RMG still remains as the major export-oriented sector for Bangladesh, but the other sectors having high potentials are jute and jute-made goods, leather and leather products, light engineering, agro products and plastic products. Tipu said the government has already ensured discipline in the e-commerce sector by introducing digital business identification while efforts are also there to prevent different sorts of irregularities and fraudulence in the e-commerce business. While making his key-note presentation, Prime Minister's Adviser Salman F Rahman said the foreign investors are actually reaping the benefits of domestic market in Bangladesh. He said the strategic location of Bangladesh between two large markets like China and India alongside other regional markets has put the country in an ideal place for making investment. Referring to the prime minister's zero tolerance against terrorism and militancy, Salman F Rahman said in Bangladesh, the government has really been able to control this menace although the situation is a bit different in other countries. For curbing corruption, he said the concerned commission is very much active, adding, "Our Prime Minister is very much determined that we want to eliminate corruption at all levels," Salman noted that the next challenge Bangladesh would be facing is 4th industrial revolution and all needs to be prepared to face this challenge. He also stressed taking more PPP projects in the infrastructure sector. Answering to a question, the adviser said that blended finance would not be a solution to tame the impacts of high energy prices on the businesses. In this regard, he said that the government is now going for long-term energy contracts with Qatar and other countries. State Minister for Foreign Affairs M Shahriar Alam said the foreign investors would be able to draw a steep growth trajectory in the coming days if the benefits of the mega projects and other transformational projects are considered. Noting that Bangladesh has ratified the highest number of instruments over the years, Shahriar said that the highest number of green factories is now situated in Bangladesh while the clothes made in Bangladesh are the cleanest in the world. "Be it East or West, I will go and claim, Bangladesh is the best," he added. The UK Minster of State said that both the countries enjoy a historic and deep relationship while the UK businesses have a very active and important role in the economy of Bangladesh. She said that more UK investments are likely to come in the higher education and financial sectors of Bangladesh. "Many UK businesses want to expand here ...UK will continue to be a steadfast partner of Bangladesh. Our relationship will continue to flourish in the years to come," she added. Prime Minister's Principal Secretary Tofazzel Hossain said this summit is an excellent opportunity for the investors to explore the country and seize the future investment opportunities. He said the digital economy has been an emerging sector for Bangladesh while the nation has created the most favorable environment for large firms. Former FBCCI President AK Azad stressed the need for giving more importance on man-made fibre.

US Secretary of Commerce Gina Raimondo, who is in India on an official visit, arrived at Defence Minister Rajnath Singh’s residence on Wednesday and participated in the Holi celebration. While talking, Raimondo expressed happiness for joining people in the Holi celebration and said, “It’s an honour for me to be here on such a holiday. I felt so welcomed by the Minister, it’s fantastic. Happy Holi!” At Rajnath Singh’s residence, apart from Raimondo, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Piyush Goyal, Union Minister for Sports, Youth Affairs and Minister of Information and Broadcasting Anurag Thakur and BJP MP Manoj Tiwari were also present. External Affairs Minister S Jaishankar and Union Law Minister Kiren Rijiju were also present on the occasion. The US Secretary of Commerce was seen dancing and beating the drum. Earlier in the day, the minister also extended greetings on the occasion on Twitter. “Hearty congratulations and best wishes to all of you on the occasion of Holi. A symbol of joy, gaiety and harmony, may this festival fill your life with new colours of success, happiness and good health,” Rajnath Singh said in the tweet. Raimondo, who is on a 4-day visit to India, will participate in the Indo-US Commercial Dialogue and CEO Forum which will be held on March 10 2023. “During the visit, the US-India Commercial Dialogue and CEO Forum will be held on March 10th, 2023, to discuss cooperation in various sectors that could unlock new trade and investment opportunities between the two countries,” according to the statement released by the US Department of Commerce. “Through the CEO Forum, the Commercial Dialogue, and IPEF, we are making excellent progress in bringing our countries closer together by creating new markets for trade, expanding those that already exist, and reinforcing our shared commitment to democracy,” Raimondo said, ahead of her visit to India, in a statement. The Commercial Dialogue is a cooperative undertaking encompassing regular government-to-government meetings to be held in conjunction with private sector meetings, with an aim to facilitate trade and maximize investment opportunities across a broad range of economic sectors. The last India-USA Commercial Dialogue was held in February 2019. Since then, due to the pandemic and other factors, it could not be held. It is proposed to re-launch the Commercial Dialogue with a strategic outlook focusing on supply chain resiliency & diversification and new emerging areas, after a gap of three years. Earlier, India-US CEO Forum was soft-launched by the Indian Commerce & Industry Minister and US Secretary of Commerce on 9th November 2022 via video conference for which identified key priorities were increasing supply chain resilience, enhancing energy security and reducing overall greenhouse gas emissions, advancing inclusive digital trade and facilitating post-pandemic economic recovery, especially for small businesses.

The commerce ministry has requested National Board of Revenue (NBR) to withdraw duty over onion import as well as to withdraw duty imposed on none refined soyabean oil, palm oil and sugar as prices of these items have soared in the recent times. The request was made in a meeting organized with a view to keep stock, supply, import, price situation normal and static of the essential commodities held at the commerce ministry conference room on Monday afternoon. At the beginning of the meeting Import and Internal Trade division additional secretary AHM Shafiquzzaman said, recently prices of some essential commodities (such as edible oil, sugar, onion and lentil) have gone up influenced by the international market. As a result commerce ministry has taken some steps to keep the stock, import, supply and price situation static in the market. He said, prices of onion have gone up because of sudden rain in India but there is no crisis of the commodity against the demand. About the high price of edible oil the secretary said, the government will investigate about the issue of increased price. In the meeting Commerce Minister Tipu Munshi was connected virtually. AH 

Bangladesh-India home secretary and commerce secretary level talks and the much-expected Joint River Commission (JRC) will be held before the upcoming visit of Indian Prime Minister Narendra Modi to Dhaka in March this year. The decision was taken at the Bangladesh-India Foreign Office Consultation (FOC) held in New Delhi on Friday, according to a statement issued by Indian Ministry of External Affairs (MEA) after the meeting. Foreign secretaries of both the countries led their respected delegation to the FOC when they reviewed the entire gamut of bilateral interest ranging from Covid-19 cooperation to security issues. Prime Minister Modi is expected to visit Dhaka on March 26 at the invitation of Prime Minister Sheikh Hasina to join the 50the anniversary celebration of Independence of Bangladesh and the Birth Centenary of Bangladesh’s Founding Father Bangabandhu Sheikh Mujibur Rahman and the 50th year of bilateral ties. “Both the sides also agreed to hold the next Home Secretary Level Talks, Commerce Secretary Level Talks and the Secretary Level Meeting of Joint Rivers Commission before the March 2021 Summit,” a statement said. They also discussed about the preparation for the forthcoming visit of Prime Minister Narendra Modi to Dhaka in March this year and events relating to the commemoration of the 50th anniversary of diplomatic ties between the two countries. Covid-19 cooperation, trade and investment, connectivity, border management, water sharing, security and defence cooperation were featured the meeting as the two countries reviewed the progress achieved in bilateral ties. Indian Foreign Secretary Harsh Vardhan Shringla and his Bangladesh counterpart Masud Bin Momen co-chaired the meeting, held in a “fruitful” manner, the statement added. The Bangladesh Foreign Secretary was accompanied by Bangladesh High Commissioner to India Mohammad Imran, Secretary (East) Ambassador Mashfee Shams and representatives from the ministries of foreign affairs, commerce and water resources. The Indian delegation comprised of representatives from the ministries of external affairs, home affairs, commerce and industry, Jal Shakti and finance. The meeting also decided to further strengthen the ongoing coordination to jointly celebrate the 50th anniversary of the liberation of Bangladesh, the 50th year of bilateral diplomatic ties and the birth centenary of Bangabandhu Sheikh Mujibur Rahman, the founding father of Bangladesh. On participation of Bangladesh’s tri-service contingent in the Republic Day parade in India this year, the both sides expressed their appreciation for the participation. Both the sides noted with satisfaction the renewal of the Air Travel Bubble arrangement and swift implementation of the Lines of Credit in the bilateral development partnership. Ambassador Masud bin Momen during his stay in New Delhi will visit the Bangabandhu-Bapu Digital Exhibition currently on display at Vigyan Bhawan and will be interacting with Indian Foreign Service Officer Trainees at the Sushma Swaraj Institute of Foreign Service. Source: BSS AH

Commerce Minister Tipu Munshi said that committee has been formed to coordinate the prices and also to stop tyranny of middlemen for controlling the prices of edible oil. He delivered the information on Sunday at his office in the ministry after holding meeting with all stakeholders including the businessmen and importers over the issue of edible oil price hike. The commerce minister said, price hike in the international market also influences the local market. Because, 90 per cent oil have to buy from international market. Concerned were directed to ensure the matter that prices will not be raised while change of medium. Preparation has been taken keeping in mind the holy month of Ramadan, he informed and said, necessary steps will be taken so that people can get their essential commodities at fair prices. Along with that commodities will be sold through TCB. This year three times more products will be sold through TCB comparing to other years. Edible oil, pulse, potato and onion will be in the list. Tipu Munshi said, concerned stakeholders including the tariff commission will sit and fix the prices of edible oil within a short span of time. In this regard a committee has been formed. Price hike in the international market also influences our local market. Because, 90 per cent oil is bought from international market. AH   

Commerce Minister Tipu Munshi said, onion import has begun with cooperation from the government. But the price of onion cannot be downgraded below 55 taka per kilogram at the consumer level. He said this while distributing best reporting award-2020 of the Economic Reporters Forum at Purana Paltan in the capital on Sunday. The commerce minister said, an instable situation was created in the onion market last year. In this year we were prepared utilizing the previous experience. After creation of the crisis import of onion began with help of the government. The imported onion has begun to arrive in the country three days ago. After adding all the expenses including profit of the businessmen, commission of the importers, the price of onion cannot be downgraded below 55 taka per kilogram at the consumer level. He said, we are in a deficit of 8 to 9 lakh metric tons of onion comparing to our demand. The deficit is seen in the month of September every year. India used to meet 90 per cent of this demand. But currently they are facing deficit. Onion is selling at 105 to 110 Bangladeshi taka in Kolkata market and potatoes are selling at 55 taka. That means the price has increased in both the countries.     Tipu Munshi said, dependency on Indian onion has increased in the local market. They have stopped export for their internal crisis and increased price. But India did not tell us the matter earlier and suddenly stopped export. We have learnt lesson from the previous year. He said, I am involved in readymade garments sector and was the president of BGMEA. I know about the sector. After taking timely and right steps in the pandemic period this sector has turned to its previous position. AH