Commerce Minister Khandaker Abdul Muktadir has stated that the government is closely monitoring the situation regarding the Strait of Hormuz, emphasizing that while it is a critical global trade route, there is no immediate cause for concern regarding the import of essential commodities and fuel, says BSS report.
Speaking to the media after a meeting with the Indian High Commissioner, the Minister addressed potential disruptions to maritime navigation and the broader bilateral trade environment.
The Minister highlighted the vital role of the ‘Strait of Hormuz, noting that approximately one-fifth of global maritime trade passes through this route.
He acknowledged that if the strait remains closed for an extended period, it would significantly impact global shipping logistics.
The Minister remarked that it is too early to be overly alarmed, as the situation may resolve within a few days.
He reassured the public that there is no cause for concern regarding the supply of fuel or other daily necessities at this time.
During the meeting, several trade-related issues were discussed to foster a roadmap for future cooperation.
The Minister described India as a major economic partner with a GDP exceeding $4 trillion.
The bilateral trade between the two nations currently totals approximately $11 billion, with Bangladesh importing roughly $9.5 billion and exporting $1.5 billion worth of goods, he added.
The Minister brought up restrictions on certain export products and the closure of several border haats and land borders over the past 18 months.
He noted that while some borders are closed, the Benapole-Petrapole land port remains operational.
On the topic of Least Developed Country (LDC) graduation, the Minister confirmed that the Economic Relations Division (ERD) has officially sent a letter to the United Nations requesting a deferment of the graduation process, which is currently being processed through the UN system.
The Minister characterized the meeting as a positive step toward resolving trade hurdles and strengthening economic ties.