Some Bangladeshi business leaders said they had signed contracts with their Myanmar counterparts during Bangladesh single country fair in Yangon in March this year. But they said no further progress has been made so far.

The business leaders were speaking at a meeting between FBCCI and the visiting five-member Myanmar business delegations, led by Union of Myanmar Federation of Chamber of Commerce and Industry (UMFCCI) President U Win Myint, held at the FBCCI conference room yesterday.

Bangladesh business leaders also pointed to Myanmar's strict regulations, hindering growth of bilateral trade with its next-door neighbour.

Bangladesh's trade with Myanmar faces hurdle due to stringent regulation requiring to export to a destination before they can import anything from there. Such regulation reduces trade, they said.

The business leaders said dearth of information is also the barrier to minimising trade imbalance between Bangladesh and Myanmar.

"We do not have necessary information on Bangladeshi products having good prospect in Myanmar market and also the products of Myanmar which are in demand here," said A Rouf Chowdhury, director of Federation of Bangladesh Chamber of Commerce and Industries (FBCCI).

The existing trade balance is in favour of Myanmar. According to Export Promotion Bureau (EPB), Bangladesh exported 0.55 million US dollars to Myanmar and imported 14.76 million US dollars from Myanmar during July to December of 2002-03.

However, Chowdhury hoped the existing trade gap would be in favour of Bangladesh after setting up of road link between the two countries.

Chowdhury also said there is enormous prospects of improving trade relations between Bangladesh and Myanmar, as they are members of five-nation economic alliance Bangladesh-India-Myanmar-Sri Lanka-Thailand Economic Co-operation (BIMSTEC).

UMFCCI President U Win Myint said Bangladeshi traders could export fertiliser to Myanmar as the country imports nearly 90 per cent of required fertiliser every year.

He also said Bangladeshi jute and jute products, leather goods and medical supplies can find way to Myanmar.

Bangladesh exports pharmaceuticals, textile fabrics, leather goods to Myanmar and imports vegetable and wooden products, beverages, machinery and mechanical appliances, electrical equipment and animal products from Myanmar.