The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) is keen to develop broader trade relations with Brazil, the largest economy in Latin America.

As a part of this initiative, the apex trade body of the country has signed two Memoranda of Understanding with the Rio de Janeiro Chamber of Commerce and Industry and the Sao Paulo Chamber of Commerce; two of the country's most influential trade organizations.

FBCCI President Md. Jashim Uddin on behalf FBCCI signed the MoUs during the visit to Brazil as entourage of State Minister for Foreign Affairs Md. Shahriar Alam, said the trade body on Saturday.

The signing between Rio de Janeiro Chamber of Commerce and Industry and FBCCI took place in Rio de Janeiro, the second capital of Brazil on July 20 and Sao Paulo Chamber of Commerce inked the MoU in Sao Paulo, the port city of the country on July 21.

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State Minister Shahriar Alam, Bangladesh Ambassador to Brazil Sadia Faizunnesa and President of Brazil Bangladesh Chamber of Commerce Shahriar Ahmed also witnessed the MoUs signing ceremonies.

Earlier, the FBCCI President has had meetings with Apex Brazil, the country's Trade and Investment Development Agency and the main industry representative organization National Industry Confederation (CNI).

Issues related to bilateral trade and investment potentials, challenges, and the way forward were discussed in the meetings.

The FBCCI President expected the visit will facilitate exchange of delegations in future and bolster bilateral trade relations.

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“Bangladesh now needs to explore and expand new markets. Diversification of export baskets has become essential. Therefore, establishing trade ties with Brazil, the 10th largest economy of the world will add new dimensions to Bangladesh’s export earnings, as well as help expand its footstep in other countries of South America”, he added.