DHAKA: Bangladesh rice import from Pakistan has been approved under a government-to-government agreement involving 50,000 tons of white rice to stabilise domestic prices.
This was announced by the government officials after the agreement was approved by the Cabinet Committee for Government Purchase, which settled the purchase of the commodity at a price of 395 dollars per ton. This particular import is in line with efforts by the government to stabilize food prices due to high inflation of food.
Officials said the Bangladesh rice import from Pakistan is aimed at easing market pressure caused by rising food inflation.
The prices of rice in Bangladesh are also comparatively high. The prices of medium-quality rice are being sold at 80 taka per kilogram, whereas there are increased importation levels and removal of duties by the government. There is a 15 to 20 percent price hike in a span of one year.
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This is the latest agreement that came after the announcement by the government of Bangladesh that it would revive the importation of rice directly from Pakistan after a long while since 1971. This came after the country purchased a similar 50,000-tonne rice import in February at a higher price of $499 per ton.
According to officials, the boosted trade is an improvement in relations between the two countries following recent political developments in Dhaka. The improvement in relations began when an interim national government, formed by Nobel laureate Muhammad Yunus, gained power following massive protests that forced the previous prime minister, Sheikh Hasina, to flee the country last year.
As rice remains a major food staple for millions of Bangladeshis, it can be assumed that efforts by the government to explore other import avenues are set to continue in case prices don’t ease in the coming months.
