RIYADH: Saudi Arabia is likely to extend duty-free market access to five products from Bangladesh, including garment and pharmaceuticals, to enhance bilateral trade.
The development came after Bangladesh made the proposal during the 11th meeting of the Bangladesh-Saudi Arabia Joint Commission meeting that concluded in Dhaka yesterday.
The two-day event took place at the National Economic Council auditorium, where a 25-member Saudi delegation led by Ahmad Bin Fahad Al-Fuhaid, deputy minister of international affairs at the ministry of labour.
Mohammad Mejbahuddin, senior secretary of the Economic Relations Division under the finance ministry, led the Bangladesh side.
“The Saudi side welcomed Bangladesh’s proposal,” the ERD said in a statement. The other items likely to get duty-free access to Saudi Arabia are textiles, leather and leather goods and agro-products.
The Saudi delegation also said their country will consider providing Bangladesh duty-free access in line with its obligations in the World Trade Organisation, trade preference agreements and the customs union of the Gulf Cooperation Council, said an ERD official.
At the meeting, both the sides agreed on expansion of trade by reducing obstacles and difficulties and offering the industrial and investment opportunities available in the two countries, according to the ERD statement.
“I want to assure you all that we are committed to work for the progressive development of Bangladesh’s trade and industries,” said Al-Fuhaid.
Trade relations between Bangladesh and Saudi Arabia are getting better, said Mejbahuddin, adding that Bangladesh now exports goods worth around $200 million to Saudi Arabia.
The Saudi side requested Bangladesh to provide them with investment opportunities within the framework of an initiative for agricultural investment abroad, according to the statement.
The Bangladesh side expressed its desire to establish joint ventures between the two countries in the fields of agro-based industrialisation in which Bangladesh has advanced experience.
The Saudi side acknowledged the contributions of Bangladeshi professionals and workers towards the development activities of Saudi Arabia and expressed its interest to recruit Bangladeshi doctors, nurses and teachers.
They expressed their willingness to provide more scholarships to Bangladeshi students in consultation with the government of Bangladesh and work together for the development of the Arabic Islamic University of Bangladesh.
