BD, China sign two MoUs to boost bilateral trade

Bangladesh and China on Saturday signed two memorandums of understanding (MoUs) to strengthen bilateral trade, commerce, and investment. The agreements include the formation of a Joint Working Group and cooperation in e-commerce affairs.

Commerce Adviser Sk Bashir Uddin and Chinese Commerce Minister Wang Wentao signed the MoUs on behalf of their respective countries at a hotel in the capital.

Earlier in the day, the Chinese Commerce Minister arrived in Dhaka to explore trade and investment opportunities and to advance the ‘Comprehensive Strategic Cooperative Partnership’ between the two nations to a new level. Minister Wang is leading a delegation of more than 100 Chinese companies currently visiting Bangladesh.

During a meeting with the Chinese delegation, led by Minister Wang, Commerce Adviser Sk Bashir Uddin called for Chinese support in introducing drone technology in Bangladesh’s agriculture sector. According to a press release from the Ministry of Commerce, such technology could play a significant role in enhancing trade and technological cooperation between the two countries.

Highlighting the potential of drone technology in agriculture, Bashir emphasised that it could revolutionise farming practices – particularly in fertiliser application, seed sowing, and pesticide spraying.

“Chinese expertise and technology can play a pivotal role in transforming Bangladesh’s agriculture sector,” he said.

Underscoring Bangladesh’s demographic dividend and competitive labour costs, Bashir also invited increased Chinese investment in various sectors, including leather and leather goods, light engineering, agricultural machinery, agro-technology, food processing, and pharmaceuticals.

In response, Chinese Commerce Minister Wang Wentao stressed the importance of strengthening cooperation in the fields of technology and investment. He assured that China is prepared to assist Bangladesh in advancing agricultural and digital technologies, including the adoption of smart agricultural practices and drone use to enhance productivity.

Responding to the commerce adviser’s request for support in fisheries and marine resource development, Minister Wang expressed China’s willingness to assist Bangladesh in harnessing the significant potential of its maritime sector.

Minister Wang also referenced the recent celebration of 50 years of diplomatic relations between the two nations, noting that China has been implementing a number of development projects in Bangladesh. These initiatives, he said, have contributed to the country's socio-economic progress and benefited large sections of the population.

The meeting featured extensive discussions on boosting bilateral cooperation in trade, commerce, investment, and technology. Both sides expressed optimism that Bangladesh-China economic collaboration would continue to deepen in the coming years.