Bangladesh wants to raise trade with Indonesia to $10 billion

These issues were discussed at a meeting with Indonesia's Deputy Foreign Minister Mohammad Anis Matta at the Ministry of Commerce on Wednesday.

The commerce minister said that although annual trade between the two countries is about $4 billion, Bangladesh's imports from Indonesia are about $3.5 billion. On the other hand, Bangladesh exports goods worth only about $56 million to Indonesia. If barriers to market access are removed, it is possible to raise trade to more than $10 billion.

At the meeting, discussions were held on expanding the market for Bangladeshi medicines, vaccines and potatoes, a PTA and a comprehensive economic partnership agreement, energy cooperation, and mutual recognition of halal certification. The commerce minister called for reducing registration and procedural complications to increase medicine exports to the Indonesian market.

Although four rounds of talks on the PTA have been held, discussions have been stalled since 2023 due to differences over duty-free market access for readymade garments. The country's deputy foreign minister proposed a ministerial-level meeting during the international trade expo to be held in Indonesia from October 14 to 18.

In addition, discussions were also held on operating Bangladesh's Single Point Mooring Terminal, importing coal from Indonesia for power plants, removing export complications for Bangladeshi potatoes, and increasing trade in halal products. Both sides expressed interest in further strengthening economic relations by increasing trade and investment.