Cuba Interested in Strengthening Bilateral Trade with Bangladesh

Businesses in Chattogram are experiencing significant losses due to protests, curfews, and internet blackouts. The Khatunganj wholesale market has seen a drastic fall in buying and selling of goods, with traders reporting losses of Tk10,000 crore. The market, which previously relied on banking channels, has been disrupted by internet outages, shutdowns, and bank closures.

The three-day shutdown and subsequent violence over the quota reform movement have severely disrupted Bangladesh's economy, already struggling with high inflation, falling exports, and dwindling forex reserves. Factories, including the key garment sector, shut down, fearing further violence and arson.

China has pledged to extend zero-tariff treatment on 98% of taxable items to Bangladesh beyond 2026, as Bangladesh graduates from LDC status. Both nations aim to deepen cooperation in trade, finance, and infrastructure, including through PPP models.

Prime Minister Sheikh Hasina has emphasized the need for increased trade and investment between Bangladesh and Spain. During a meeting with the Spanish ambassador at her residence, she highlighted the current focus on ready-made garment exports from Bangladesh to Spain and Spanish investments in Bangladesh’s cement sector.

During Prime Minister Sheikh Hasina’s upcoming visit to China from July 8-11, accelerating the use of Chinese Yuan for trade will be a key focus, amid Bangladesh's ongoing dollar crisis. Although Bangladesh Bank approved Yuan-denominated transactions in 2022, uptake has been slow. This visit aims to boost Yuan transactions, critical for enhancing bilateral trade and addressing economic pressures.

Bangladesh and China are set to finalize agreements on 12 projects during Prime Minister Sheikh Hasina's visit to Beijing from July 8-11. The projects include the Southern Integrated Development Initiatives (SIDI), construction of the China-Bangladesh Friendship Bridge, roads, special economic zones, and infrastructure like sewage treatment plants and metro rail expansion.