Big concern for India as Pakistan set to support Bangladesh, India may suffer losses worth thousands of crores due to…
Amidst the deteriorating ties with India, Bangladesh is reportedly building closer trade relations with Pakistan. In a recent development, which could be a cause of concern for India, Bangladesh has decided to import large quantities of sugar from Pakistan, a clear snub to New Delhi, as India is one of Bangladesh’s largest importers.
Notably, Bangladesh imports a lot of sugar from from India, with imports pegged at around $565 million in 2021-2022, while the figure was $ 74.7 million in the 2020-21 during the Covid pandemic. In 2023, Bangladesh imported sugar worth $353.46 million from India, according to a report by the Economic Times.
Now, Bangladesh, which is mulling to cut imports of essential food items from India, is set to purchase sugar from Pakistan, as Dhaka continues to gravitate more towards Pakistan and China, and move further away from New Delhi.
According to reports, Pakistan plans to export over 6 lakh tonnes of sugar, including exporting 70,000 tonnes of sugar to Central Asian countries. Thailand has reportedly purchased 50,000 tonnes of sugar from Pakistan, while several Arab, Gulf, and African nations, have inked deals with Islamabad to buy sugar.
Talking to media persons, Majid Malik, a representative of Pakistani sugar traders termed the export agreement a positive sign for the country’s sugar industry, which will give it access to new markets and also help boost Islamabad’s depleted foreign exchange (FOREX) reserves,
The Bangladesh-Pakistan sugar import deal is being viewed as a major step in the expanding trade ties between the two nations which is poised to boost Pakistan’s position in the regional south Asian market. Expert believe that the deal is also an effort by Bangladesh to gradually reduce its dependence on Indian imports as it moves farther away from New Delhi’s influence and closer to its rivals, Pakistan and China.
