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Russia takes over Soviet trade links with Dhaka

By Inam Ahmed
The trade and economic agreements that Bangladesh signed with the now-defunct Soviet Union will be valid with the Russian Republic, diplomats at the Russian Embassy tn Dhaka said on Tuesday.
A delegation of the Russian Embassy on Tuesday drove to the Economic Relations Division (ERD) at Shcr-e-Bangla Nagar and informed Bangladesh officials that the mission had taken over all the economic and trade responsibilities of the former Soviet Union.
The delegation assured Bangladesh officials that there would be no disruption In trade and economic relations that existed between
Bangladesh and the Soviet Union. It promised to increase the volume of trade and economic cooperation between Dhaka and Moscow.
The former Soviet Union was helping Bangladesh in the expansion of the Ghorasal power plant, the biggest in the country. The work on the 82 million dollar 5th project of the plant is now underway. The two countries also finalised the 6th unit of the plant that also involves 82 million dollars, all of ft coming from a Soviet loan. The Russian federation will now take over the responsibility of the loan commitment.
The USSR had .earlier submitted some project pro-
posals to the government as future plans. These include the Mcghna Ghat thermal power project. Rupsa bridge project, expansion of radio broadcasting capacity project, a coal power plant project and oil exploration In Sylhet. Sources said the negotiations on these projects would now be made with Russia.
On Sunday the Soviet Embassy turned into a Russian mission after diplomats switched their allegiance to sovereign Russia, which along with 10 other former Soviet republics formed a commonwealth of independent republics.
During the last (1990-91) fiscal Bangladesh and the Soviet Union signed the 19th trade protocol under the barter system The protocol envisaged exchange of com modules worth about 19 mil bon pounds sterling each way The trade left a surplus of 4 4 million pounds sterling for Bangladesh, an amount Dhaka will deduct from 16.10 million pounds sterling It is expected to pay Moscow In the 1992 tn stalmcnt as against its loan lor G horasa I power station project
Bangladesh Imports from Moscow mainly machinery and exports to It mainly Jute and
A senior official at the Russian trade mission in Dhaka told The Daily Star that trade between Bangladesh and Russia and the other unsovi eted republics will expand in future But he pointed out that Dhaka needs to recognise the new republics the soonest to benefit from 'the opportunities aw I labIe altar fornuttion of the commonwealth of Independent republics.'
Ue said If Bangladesh delays the recognition it may fall behind the other developing nations who will obviously grab the opportunities.
Bangladesh s relations with the former Soviet Union started with a happy note mainly because of Moscow s strong support to the country's 1971 Liberation War. The two countries signed their first economic cooperation agreement tn 1972. The relations cooled after the 1975 political change-over tn Bangladesh and these virtually nosedived tn late 1982 when ousted presi-
dent lluaoain Muhammad Ershad expelted 14 Sovxt diplomats on charge of mod dling Into local polities. The relations started picking up well into the eighties.
The disintegration of the Soviet Union came al a lime when Dhaka and Moscow were close to forming a Joint Economic Commission. Officials, however. are hopeful that the commission would now be set up with Russia. They also expect direct trade with the other republics.
Bangladeshi exporters are exploring the possibilities of selling readymade garments to Russia and other republics
The business circles view that the trade link with the newly formed stales, specially the Muslim populated ones in the Central Asia, would be a very nourishing one for Bangladesh. The export market for Jute and other essential commodities which earlier was dominated by India, would be advantageous for Bangladesh, they hoped
A Russian spokesman said that the currency for all the slates would be rouble, lie further said if any stale would wish to Introduce Its own currency. it would be done In consultation with the other stales