Bangladesh prepares rice deal with MRF in strategic move

Bangladesh is preparing to sign a Memorandum of Understanding (MoU) for a rice deal with the Myanmar Rice Federation (MRF), according to the news reported by the Financial Express.
The Bangladesh government is preparing to procure rice and other farm produce from Myanmar’s private sector to meet its growing demand and replenish reserved stocks.
The Financial Express stated that Bangladesh’s Ministry of Commerce shared the draft MoU with the stakeholders and asked for their opinions by 10 March 2024, according to the ministry’s recent meeting.
Additionally, Myanmar wants to supply ginger, garlic, and onion to Bangladesh, apart from rice, by signing an agreement. Myanmar dispatched the first draft MoU in October last year for review, Commerce officials said.
The MOU will be signed soon; therefore, the recent meeting held at Bangladesh’s Ministry of Commerce decided to gather opinions from the stakeholders concerned in late February. They are asked not to make excessive changes in the proposed draft in detail so that it can be finalized shortly.
Bangladesh decided to hold a virtual meeting with Myanmar’s ministry concerned in order to fix a signing day for the MoU.
Bangladesh’s Ministry of Commerce received the list of the agricultural produce that Myanmar wants to supply to Bangladesh, and they asked for the opinions of the Ministry of Agriculture and the Ministry of Food, an official told the Financial Express.
Md Ariful Hassan, chairman of Trading Corporation of Bangladesh, will sign an MoU addressed that the government-to-government pact will help them facilitate procurement of the required farm produce. Additionally, it will help the corporation get products at a cheaper rate.
Bangladesh and Myanmar signed a G-to-G MoU in September 2022, in which Myanmar will export 250,000 tonnes of rice and 50,000 tonnes of parboiled rice annually from 2022 to 2027. — NN/EM