Bangladesh’s commerce minister Hafizuddin Ahmed and visiting Chilean vice minister of economy and executive vice president of foreign investment Carlos Eduardo Mena have agreed to form a bilateral economic committee to boost trade and investment between the two nations. The agreement was reached during a meeting held in Dhaka, Bangladesh, on July 23.

Mr Ahmed said that Bangladeshi entrepreneurs are lagging behind in Chile and that the agreement would help the country to export items such as ready made garments, leather and leather products and pharmaceuticals.

Bangladesh currently exports a small number of items, including woven garments, knitwear, jute yarn and twine, leather and leather footwear to Chile. In fiscal 2004-05, Bangladesh’s exports to Chile totalled $2.79 million against an import total of $11.72 million.