DHAKA, Bangladesh: Trading Corporation of Pakistan (TCP) and the Directorate General of Food, Bangladesh Tuesday signed a Memorandum of Understanding (MoU) for the export of rice from Pakistan to Bangladesh.
Syed Rafeo Bashir Shah, Chairman TCP and Md. Abdul Khaleque, DG, Directorate General of Food, Bangladesh, signed the MOU from their respective sides. Pakistani High Commissioner to Bangladesh Syed Ahmed Maroof was also present.
Following the MoU signing, the High Commissioner paid a courtesy call to Bangladesh’s Adviser for Food, Ali Imam Majumder, and discussed bilateral trade ties.
The High Commissioner also presented the Adviser with a gift of rice on behalf of the Prime Minister of Pakistan, Muhammad Shehbaz Sharif.
It may be noted that the Pakistan Federation of Chambers of Commerce and Industry (FPCCI) and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) on Monday laid the foundation of a joint commerce venture, Pakistan-Bangladesh Joint Business Council.
The joint business body will serve as a platform for the exchange of trade and investment information, the organisation of business delegations, and the participation of businesses in trade exhibitions in both countries.
Historical residues
Trade relations between the two countries witnessed more downs than ups but evolved significantly over time. In the 1980s, sincere efforts were made by both sides to normalise diplomatic as well as trade relations.
The 1990s, nevertheless, proved to be a bit good for trade ties as both nations recognised the mutual benefits of economic cooperation.
The early 2000s proved to be a turning point for the trade between the two countries. They signed trade agreements, aimed at simplifying and reducing tariffs and boosting trade volume.
An outlay of the trade volume between the two countries surpassed $200 million annually by the mid-2000s.
Pakistan’s TCP & Bangladesh’s Directorate General of Food today signed MoU for rice export from #Pakistan to #Bangladesh. Pakistan’s High Commissioner met Bangladesh’s Food Adviser, presenting him a gift of Rice from Prime Minister Muhammad Shehbaz Sharif.https://t.co/giiIQfChhJ pic.twitter.com/TkDdLo6BpK
— Pakistan High Commission Bangladesh (@PakinBangladesh) January 14, 2025
Trade between Pakistan and Bangladesh saw a significant uptick in the 2010s. Both nations made strategic efforts to diversify their trade relations. Pakistan exported a variety of products to Bangladesh, including textiles, rice, cement, and chemicals. In return, Bangladesh increased its exports of ready-made garments, jute, and agricultural products like fish and fruits to Pakistan.
By 2013, trade crossed the $1 billion mark annually. In the coming years, the trade quantum kept on increasing: in 2015 the bilateral trade jumped to $1.03 billion, while in 2017-2018 the trade volume hovered around $1.2 billion to $1.3 billion annually.
In 2021-2022, the trade volume was reported at approximately $1.6 billion, with both countries working to expand their trade through the establishment of new trade councils and agreements.