A Memorandum of Understanding (MoU) was recently signed in Mexico City between the top business bodies of Bangladesh and Mexico to strengthen economic and trade ties between the two countries.
With the agreement in place, bilateral trade between Bangladesh and Mexico is expected to reach $1 billion, increasing from the current $400 million, read a press release.
The MoU was signed on 28 September by Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) Director Amjad Hussain on behalf of the organisation's President Md Jashim Uddin, and Vice President (Asia Pacific Trade Section) of the Mexican Business Council for Foreign Trade, Investment and Technology (COMCE), Agustin Garcia Rechi.
Under the agreement, the two organisations agreed to increase investment in joint ventures and to provide maximum assistance in overcoming all obstacles to expanding bilateral trade.
Under the MoU, both parties will also work to encourage the participation of Bangladeshi and Mexican businessmen in trade fairs, exhibitions, conferences, seminars and other business activities in their respective countries.
FBCCI and COMCE will also undertake joint research to improve trade relations between the two countries.
The two organisations will exchange information on various publications and business prospectuses, including magazines and directories. The two organisations from Bangladesh and Mexico will also exchange technical skills and technology, and training, between members.
Among others, Shahriar Alam, state minister, Ministry of Foreign Affairs, Government of the People's Republic of Bangladesh, and Abida Islam, ambassador of Bangladesh to Mexico, were present at the event.