Brazil, the largest economy in South America, has shown interest in signing a trade agreement with Bangladesh to further boost economic relations between the two countries.
If things go well, the agreement is likely to be signed at the Brazil-Bangladesh annual bilateral meeting to be held in Dhaka later this year.
The issue was discussed when President of the Central Bank of Brazil Gabriel Galipolo had a meeting with Bangladesh Ambassador to Brazil Tauhedul Islam recently.
The current annual trade volume between the two countries has exceeded four billion dollars, according to the Bangladesh Embassy.
In the recent global economic context, especially due to the high tariffs imposed on both countries by the United States, the ambassador elaborated on the arguments for a bilateral trade agreement.
He presented a concept paper outlining a possible trade agreement to increase bilateral trade and investment, including reducing the tariffs imposed by both countries, resolving the issue of opening LCs by banks.
President Gabriel will soon send a draft of the trade agreement from Brazil to Bangladesh.
The Embassy sees this undoubtedly a historic opportunity for Bangladesh, noting that in the context of global trade contraction, Brazil's forward-looking approach to address the trade challenges of Bangladesh after the LDC has created a unique opportunity and potential for the country's economy.
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