Diplomatic Correspondent

Bangladesh and Russian have said that there is a significant potential for trade and economic cooperation between the two countries, despite the logistical and financial difficulties arising due to the unstable geopolitical situation.

This was stated at the 4th session of the Russia-Bangladesh Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation (IGC) – the key mechanism for bilateral economic relations – was held On March 13-15 via video conference.

The Russian part of the Commission was led by the Head of the Federal Agency for Fisheries of the Russian Federation MrIlya Shestakov and the Bangladesh side was led by Secretary of Economic Relations Division, Ministry of Finance of Bangladesh Ms Sharifa Khan.

The Parties stated that there is a significant potential for trade and economic cooperation, despite the logistical and financial difficulties arising due to the unstable geopolitical situation, said the Russian Embassy in Dhaka on Friday (March 17).

They noted with satisfaction the consistent implementation of “Rooppur” NPP project and the successful activity of “Gazprom EP International Investments B.V.” for gas exploration in Bangladesh.

Against the background of the crisis in the global energy market, the opportunities of purchasing the Russian LNG, oil and oil products, cooperation in the coal industry and the joint development of green energy sources, in particular – nuclear and solar energy, were explored.

Among the promising areas for the exchange of experience, technologies and the establishing of joint ventures, the railway industry, metallurgy, mechanical engineering, chemical industry and engineering were underscored. The mutual interest in strengthening relations in the ICT field and cyber security was expressed.

The delegations agreed to further increase mutual supplies of agricultural products, expand their range by approving the necessary veterinary and psycho sanitary documentation.

The matters of science and education occupied an important place within the framework of the meeting.
The Sides highlighted the intensification of ties between the academic circles and quota increase for studying of the Bangladeshi students in Russia at the expense of the federal budget.

The focus was on such initiatives as the development of human resources, conducting of geological and oceanographic research in Bangladesh.

The participants stressed the necessity for expanding the contractual legal framework in the spheres of customs cooperation, standardization and certification, civil aviation, communications, ICT, mutual recognition of education, qualifications and academic degrees.

An importance to establish banking relations and the prompt creation of a safe and reliable settlement system in terms of the current sanctions restrictions was also noted.

As a result of the talks, the Parties xpressed the hope that the coordinating role of the IGC will assist in taking interstate and business cooperation to a qualitatively new level as well as in restoring the positive dynamics of Russian-Bangladeshi trade.