Better trade facilitation and joint collaboration in the areas of connectivity and investment could stimulate Bangladesh-Myanmar bilateral trade which now stands at a dismally low figure of around USD 100 million.
Professor Mustafizur Rahman, Executive Director, CPD made the observation at Myanmar-Bangladesh Track II Workshop, organised by the Myanmar Institute of Strategic and International Studies (MISIS) and Friedrich-Ebert-Stiftung Yangon Office, during 22-25 September 2014, in Yangon, Myanmar.
While addressing a session on “Bilateral Trade as Means for Enhanced Cooperation – Opportunities and Challenges” at the workshop, Professor Rahman mentioned that Bangladesh and Myanmar are key components of Bangladesh-China-India-Myanmar (BCIM) Economic Corridor (EC) and they are also members of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation Free Trade Agreement (BIMSTEC-FTA).
Whilst Myanmar could be a major opportunity in terms of Bangladesh’s look-east policy and entry to the ASEAN market, Myanmar could also look at Bangladesh as a gateway to exploit market opportunities in South Asia, he said.
He anticipated that the ongoing opening of Myanmar economy creates an opportunity for Bangladesh to collaborate in terms of developing border regions, building value chains and establishing growth zones.