To strengthen bilateral trade and economic ties, an agreement was signed between Bangladesh and Algeria in 1973. Now, both the countries have opportunities to increase trading, said Commerce Minister Tipu Munshi, according to a press release.
The minister made the remarks on Thursday at his official residence in the capital while attending a virtual meeting with Rabah Larbi, Algerian ambassador to Dhaka.
The commerce minister said, "Algeria is a friend of Bangladesh. Bangladesh is keen to increase trade and economic cooperation with Algeria."
As there are opportunities to increase trade between the countries, any aspect of the 1973 agreement will accordingly be revised if it seems necessary, said Tipu Munshi.
He said, "Bangladesh is doing better in terms of export. It is the second largest exporter of readymade garments in the world. Algeria has a huge demand for Bangladeshi-made garments, jute and leather products, tobacco and furniture," according to the statement.
Bangladesh wants to increase its exports to Algeria and frequent visits of both the countries' businessmen can pave the way, said the minister.
If the Covid-19 situation improves, necessary steps will be taken through direct talks between the two countries, he added.
Ambassador Rabah Larbi said that Algeria was interested in increasing trade with Bangladesh.
At present, the trade volume between the two countries is very low. Algeria is ready to sign Free Trade Agreement (FTA) or Preferential Trade Agreement (PTA) with Bangladesh, Rabah Larbi said.
"There is a huge demand for several Bangladeshi products in Algeria. So, Algeria wants to take the initiative and perform necessary tasks through discussions with the businessmen from both countries," he said.
It is mentionable that in the last financial year, Bangladeshi goods worth $5.90 million were exported to Algeria, and goods worth $90.79 million were imported from the country.
The commerce minister also invited his Algerian counterpart to visit Bangladesh, added the press release.