Latest news with #TradingCorporationofPakistan
Daily Tribune
25-02-2025
- Business
- Daily Tribune
Bangladesh and Pakistan begin direct trade
Bangladesh and Pakistan have started direct government-to-government trade after decades of troubled relations with imports of 50,000 tonnes of rice, Dhaka said Tuesday. The two countries were once one nation but split in a brutal 1971 war, with Bangladesh drawing closer to India. However, long-time Bangladeshi prime minister Sheikh Hasina was ousted in an August 2024 revolution, fleeing by helicopter to her old ally India, where she has defied extradition requests to face charges of crimes against humanity. Relations between India and Bangladesh's new government have been frosty since then, allowing Islamabad and Dhaka to rebuild ties slowly. Direct private trade between the countries restarted in November 2024, when a container ship sailed from Pakistan's Karachi to Bangladesh's Chittagong. It was the first cargo ship in decades to sail directly between the countries. "For the first time we are importing 50,000 tons of rice from Pakistan, and it is the first government-to-government deal between the two countries," Ziauddin Ahmed, a senior official at the food ministry in Dhaka, said Tuesday. Bangladesh's Directorate General of Food signed a memorandum of understanding with the state-owned Trading Corporation of Pakistan (TCP) in January for rice imports. Ahmed said trade with Pakistan offers a "new avenue of sourcing and competitive pricing", with state authorities in recent years importing the staple from India, Thailand and Vietnam. Imports are critical to low-lying Bangladesh, a nation that is among the world's most vulnerable to climate change, with large areas made up of deltas where the Ganges and the Brahmaputra rivers wind towards the sea. The country of 170 million is particularly at risk of devastating floods and cyclones -- disasters that only stand to accelerate as the planet keeps warming. Private Bangladeshi companies have imported Pakistani rice for years, but Pakistani goods previously had to be off-loaded onto feeder vessels -- usually in Sri Lanka, Malaysia or Singapore -- before travelling on. India and Pakistan -- carved out of the subcontinent at the chaotic end of British colonial rule in 1947 -- have fought multiple wars and remain bitter foes. Meanwhile, China is wooing Bangladesh's leaders, with members of the powerful Bangladesh National Party (BNP) on a visit to Beijing, the latest group offered a tour after trips by members of the Jamaat-e-Islami and other Islamist parties. India has long been wary of China's growing regional clout and the world's two most populous countries compete for influence in South Asia, despite a recent diplomatic thaw. China said this month that it was preparing dedicated hospitals for Bangladeshi patients after relations soured with India, which was once a major healthcare destination for them.
The Independent
25-02-2025
- Business
- The Independent
Bangladesh resumes direct trade with Pakistan after 50 years
Bangladesh has resumed direct trade with Pakistan after over 50 years with the first shipment of 50,000 tonnes of rice leaving Port Qasim under a deal between Islamabad and Dhaka. The two nations have seen a drastic improvement in bilateral relations since the interim government led by Nobel laureate Muhammad Yunus took power in Bangladesh after protests toppled former prime minister Sheikh Hasina last August and sent her fleeing to India. Bangladesh was once a part of Pakistan but became independent after a nine-month war with Islamabad in 1971. The export of rice marks the first instance of direct trade between the two countries in 54 years. 'For the first time, a Pakistan National Shipping Corporation vessel carrying government cargo will dock at a Bangladeshi port, marking a significant milestone in maritime trade relations,' Pakistani daily The Express Tribune reported. To begin with, Bangladesh is buying 75,000 tonnes of white rice at £395 per tonne from the Trading Corporation of Pakistan. The remaining 25,000 tonnes of grain is expected to be delivered in early March. Dhaka appears to be paying a higher price for Pakistani rice compared to its procurement from Vietnam. The country has been importing rice from Hanoi at £375.63 per tonne. The interim government has been trying to stabilise the rice market as prices have risen by 15-20 per cent in recent months. The new trade deal between the two countries came after Dhaka in January simplified the visa process for Pakistanis to further strengthen economic relations. The interim government removed the requirement of clearance from Dhaka for Pakistani heads of missions to get visas, Bangladesh's high commissioner to Islamabad, Iqbal Hussain, told reporters. Mr Hussain said increasing trade and investment between the two countries "must be a top priority" for Dhaka and Islamabad.
Al Arabiya
25-02-2025
- Business
- Al Arabiya
Bangladesh and Pakistan begin direct trade
Bangladesh and Pakistan have started direct government-to-government trade after decades of troubled relations with imports of 50,000 tons of rice, Dhaka said Tuesday. The two countries were once one nation but split in a brutal 1971 war, with Bangladesh drawing closer to India. However, long-time Bangladeshi prime minister Sheikh Hasina was ousted in an August 2024 revolution, fleeing by helicopter to her old ally India, where she has defied extradition requests to face charges of crimes against humanity. Relations between India and Bangladesh's new government have been frosty since then, allowing Islamabad and Dhaka to slowly rebuild ties. Direct private trade between the countries restarted in November 2024, when a container ship sailed from Pakistan's Karachi to Bangladesh's Chittagong. It was the first cargo ship in decades to sail directly between the countries. 'For the first time we are importing 50,000 tons of rice from Pakistan, and it is the first government-to-government deal between the two countries,' Ziauddin Ahmed, a senior official at the food ministry in Dhaka, said Tuesday. Bangladesh's Directorate General of Food signed a memorandum of understanding with the state-owned Trading Corporation of Pakistan (TCP) in January for rice imports. Ahmed said trade with Pakistan offers a 'new avenue of sourcing and competitive pricing', with state authorities in recent years importing the staple from India, Thailand and Vietnam. Imports are critical to low-lying Bangladesh, a nation that is among the world's most vulnerable to climate change, with large areas made up of deltas where the Ganges and the Brahmaputra rivers wind towards the sea. The country of 170 million is particularly at risk of devastating floods and cyclones -- disasters that only stand to accelerate as the planet keeps warming. Private Bangladeshi companies have imported Pakistani rice for years, but Pakistani goods previously had to be off-loaded onto feeder vessels -- usually in Sri Lanka, Malaysia or Singapore -- before travelling on. India and Pakistan -- carved out of the subcontinent at the chaotic end of British colonial rule in 1947 -- have fought multiple wars and remain bitter foes.
Express Tribune
24-02-2025
- Business
- Express Tribune
Bangladesh resumes direct trade with Pakistan for first time since 1971
Listen to article Bangladesh has resumed direct trade with Pakistan for the first time since its independence in 1971, with the first shipment of 50,000 tonnes of rice leaving Port Qasim under a government-to-government deal, officials said. The deal follows an improvement in diplomatic relations since an interim government in Bangladesh led by Nobel laureate Muhammad Yunus taking over in the wake of the protests that drove then-prime minister Sheikh Hasina out of the country. The new agreement, finalised earlier this month, sees Bangladesh purchasing white rice from Pakistan at $499 per ton through the Trading Corporation of Pakistan. The shipment will be delivered in two phases, with the remaining 25,000 tonnes expected in early March. However, the price of rice is higher than that of rice from Vietnam, which Bangladesh has been importing at $474.25 per ton. The government has been battling to stabilise the rice market, as prices have risen by 15-20% in recent months, with medium-quality rice selling at around 80 taka ($0.66) per kilo. To control rice prices, the government is importing more rice from international markets, including through tenders, and has scrapped import duties.
Yahoo
24-02-2025
- Business
- Yahoo
Bangladesh and Pakistan resume direct trade after more than 50 years
DHAKA (Reuters) - Bangladesh has resumed direct trade with Pakistan for the first time since its independence in 1971, with the first shipment of 50,000 tonnes of rice leaving Port Qasim under a government-to-government deal, officials said. The deal follows an improvement in diplomatic relations since an interim government in Bangladesh led by Nobel laureate Muhammad Yunus taking over in the wake of the protests that drove then-Prime Minister Sheikh Hasina out of the country. Previously known as East Pakistan, Bangladesh won independence following a nine-month war. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. The new agreement, finalized earlier this month, sees Bangladesh purchasing white rice from Pakistan at $499 per ton through the Trading Corporation of Pakistan. The shipment will be delivered in two phases, with the remaining 25,000 tonnes expected in early March. However, the price of rice is higher than that of rice from Vietnam, which Bangladesh has been importing at $474.25 per ton. The government has been battling to stabilize the rice market, as prices have risen by 15-20% in recent months, with medium-quality rice selling at around 80 taka ($0.66) per kilo. To control rice prices, the government is importing more rice from international markets, including through tenders, and has scrapped import duties.
