Narinjara News

Dhaka sends 44-product list to Rangoon

Dhaka, 1st August 03: Dhaka has sent a list of 44 products to Rangoon to start account trade and is awaiting a response, according to today the daily star.

Bangladesh Sonali Bank and Myanmar Investment and Commercial Bank will sign agreements to facilitate the trade once lists are agreed upon.

The two countries are approaching towards the special trade system because of Burmaís crisis of foreign exchange, which hinders opening of letters of credit.

Sonali Bank has taken all preparations to start the account trade system. The 44 products to be considered under the system will need to have at least 30 per cent local value addition.

Under the system, importers of the two countries will not need foreign exchange to import products. The two banks will settle transactions by netting the import amounts every six months.

However, the amount to be settled by either country will not cross $ 100,000 US dollar and the two banks will remit the amounts.

Under the new system, the trade deficit of either country will not cross two hundred thousands of US dollar.

The products on the Bangladesh list of export to Burma include pharmaceuticals, ceramics, tableware, tiles, biscuits, chips, juice, noodles, drinks, tea, condensed, milk, Monopuri handloom products, bed sheet, bed cover, cosmetics and toiletries, melamine and jewelry. #