Dhaka: Bangladesh has restarted direct trade with Pakistan for the first time since gaining independence in 1971, as the first consignment of 50,000 tonnes of rice departed from Pakistan’s Port Qasim under a government-to-government agreement.
The agreement, finalized earlier this month, involves Bangladesh purchasing white rice from Pakistan at $499 per tonne through the Trading Corporation of Pakistan. The delivery will take place in two phases — the first batch has already been dispatched, and the remaining 25,000 tonnes are expected to arrive in early March.
This renewed trade follows an improvement in diplomatic ties after the establishment of an interim government in Bangladesh, led by Nobel laureate Muhammad Yunus which took charge following widespread protests that led to the ousting of former Prime Minister Sheikh Hasina.
Despite this development, the price of Pakistani rice is higher compared to the $474.25 per tonne Bangladesh has been paying for rice imported from Vietnam.
The Bangladeshi government has been striving to stabilize the domestic rice market after prices surged by 15-20% in recent months, with medium-quality rice now selling for around 80 taka ($0.66) per kilogram. In an effort to curb rising prices, the government has ramped up rice imports from international suppliers and removed import duties.
