Bangladesh All Set For Duty Free, Quota Free RMG Products Access To Russian Markets

Trade & Policy

Bangladesh All Set For Duty Free, Quota Free RMG Products Access To Russian Markets

Bangladesh finally managed to get an assurance from their Russian counterparts in the ministry that readymade garment (RMG) exports emanating from the country will get duty free access to Russian markets within a short while.

The Bangladesh Commerce minister Tofail Ahmed recently disclosed to the local media that the government had held detailed discussions with a seven-member Russian delegation that was on a visit to Bangladesh. The said meeting took place at the Commerce ministry in the Bangladesh Secretariat. The Russian delegation which participated in the move to assure Bangladesh of duty relief was headed by Russia’s deputy minister for agriculture Levin Segey Lvovich.

Currently, for the purpose of ratification of an World Trade Organization (WTO) agreement, Bangladesh has been availing of duty free access to Russian markets for 71 products. Tofail explained that till now, the RMG sector products from Bangladesh were not included in this list of 71 items. Citing certain technical complications that led to this state of affairs, Tofail assured that this will soon be set right at the Russian end.

Bangladesh, in order to circumvent the complications that existed has gone on to sign an agreement with the Eurasian Economic Commission and is set to be admitted into its fold as a member country. “Once our membership is in place, we will face no complications in getting our RMG products duty-free and quota-free access to the Russian markets,” added Tofail.

On the sidelines of the Russian delegation’s visit, the minister disclosed that right now Russia has sought to be the host organizers of the next World Expo in 2025. “They had sought the support of Bangladesh for this purpose as Bangladesh happened to be a member country of the event and can lend assistance by casting its vote in favour.”

It was more of striking while the iron is hot. While the Russian delegation sought mandate from Bangladesh for the Expo, Tofail found it convenient to press forth for Bangladesh RMG’s duty-free and quota-free market in Russia. The Russian delegation has reciprocated the gesture and assured of duty-free access to Bangladesh.