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FBCCI to enhance trade ties with Brazil, two MoUs inked

FBCCI to enhance trade ties with Brazil, two MoUs inked

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) is keen to develop trade relations with Brazil, the largest economy in Latin America. As part of this initiative, the country's apex trade body has signed two Memorandum of Understandings (MoUs) with the Rio de Janeiro Chamber of Commerce and Industry and the Sao Paulo Chamber of Commerce, two of the country's most influential trade organisations.

FBCCI President Md. Jashim Uddin signed the MoU on behalf FBCCI during his visit to Brazil as an entourage member of State Minister for Foreign Affairs Md. Shahriar Alam, said a press release on Saturday (Jul 23).

The signing between Rio de Janeiro Chamber of Commerce and Industry and FBCCI took place in Rio de Janeiro, the second Capital of Brazil, on Jul 20 while the MoU between FBCCI and Sao Paulo Chamber of Commerce was inked in Sao Paulo, the port city of the country, on Jul 21.

State Minister Md. Shahriar Alam and Bangladesh Ambassador to Brazil Sadia Faizunnesa and the President of Brazil Bangladesh Chamber of Commerce Shahriar Ahmed also witnessed the MoU signing ceremonies.

Earlier, Jashim Uddin has had meetings with Apex Brazil-Country's Trade and Investment Development Agency and the main industry representative organisation National Industry Confederation (CNI). Issues related to bilateral trade and investment potentials, challenges and the way forward were discussed in these meetings.

The FBCCI President expected that the visit will facilitate exchange of delegations in future and bolster bilateral trade relations.

Bangladesh now needs to explore and expand new markets, diversification of export basket and new sources for import has become essential, he said, adding: "Therefore, establishing trade ties with Brazil, the 10th largest economy of the world, will add new dimensions to Bangladesh's export earnings, as well as help expand its footstep in other countries of South America." 

The Bangladesh delegation, led by State Minister for Foreign Affairs Md Shahriar Alam, left Dhaka for Brazil last Sunday.