Bangladesh (Commonwealth Union)_ The Chittagong Chamber of Commerce and Industry (CCCI) recently entered into a Memorandum of Understanding (MoU) with the Canada Bangladesh Chamber of Commerce and Industry (CBCCI), aiming to enhance the visibility and market presence of Bangladeshi products in the Canadian market. This MoU was formally signed by CCCI President Mahbubul Alam and CBCCI Executive Vice President Areef Rahman, with the honorable presence of Fardous Ahmed, Ambassador for the Canada Trade and Investment Expo 2023, at a distinguished gathering hosted at the World Trade Center in the port city.
The upcoming Canada Trade and Investment Expo, scheduled for November, will serve as a platform to showcase Bangladeshi products in Canada and facilitate direct interactions between Bangladeshi businesses and their Canadian counterparts. During his address, Mahbubul Alam emphasized the significance of Canada as a vital development partner for Bangladesh, as well as a prominent destination for the country’s ready-made garment exports. He expressed optimism that the November exposition would contribute to diversifying Bangladesh’s export product range in the Canadian market.
Areef Rahman further emphasized the potential of the upcoming exposition to expand the volume of Bangladeshi exports to North America and open up new market opportunities for Bangladeshi businesses within the region. Fardous Ahmed highlighted the distinctive nature of the forthcoming event in Canada, as it seeks to not only diversify the export product portfolio but also foster transnational business-to-business engagement opportunities. While various Bangladeshi fairs have been organized on foreign soil previously, this particular exposition holds the promise of facilitating an array of export products and forging meaningful connections between businesses across borders.
Further, the enduring and cordial relations between Bangladesh and Canada have significantly contributed to an exponential growth in trade between the two nations. As of 2019, the bilateral trade volume stood at a substantial US$ 2.42 billion, as reported by Trade Data Online. Bangladesh has benefited from the General Preferential Tariff (GPT) arrangement with Canada, allowing duty-free and quota-free access (DFQF) to its products, which will remain in effect until December 2023.
The key exports from Bangladesh to Canada encompass a diverse range of items, including apparel, frozen fish, plastic goods, headwear, footwear, ceramics, toys, games, sports equipment, and furniture. On the other hand, Bangladesh imports red lentils, cereals, fruit items, fertilizer, mechanical appliances, wood pulp, paper and paperboard, scraps, optical instruments, as well as medical and scientific instruments from Canada. In fact, Bangladesh is the second-largest importer of Canadian food grains and other agricultural products in the South Asian region.
