At a joint meeting held recently at the Export Promotion Bureau (EPB), they urged the government to involve private sector in making such a deal to ensure proper implementation and achieve the goal.

Implementation of the agreement was slow because the private sector was not involved in the official talks when terms of references of the agreement were finalised, said Rashed Maksud Khan, chairman of Bangladesh-Myanmar Business Promotion Council.

Presiding over the meeting, Khan said many flaws were detected in the deal in the implementation process. "Therefore, there should be private sector involvement in preparing such agreements," he recommended.

He said the limit of US$ 1 lakh only and reconciliation period of six months in case of letters of credit against account trade would be totally unworkable. "The volume of trade would be so low that it would not be feasible to do business profitably."

Abdul Awal Mintoo, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said the limit should be enhanced to at least $5 lakh and the reconciliation time should be brought down to two months.

Referring to the market and population of Myanmar, the FBCCI chief said there is huge potential of setting up industries in Bangladesh based on the raw materials available in Myanmar such as limestone and agro-products.

The FBCCI would take up the issues of account trade with the government and expedite the roadlink development projects, he said.

Fazle RM Hasan, president of Dhaka Chamber of Commerce and Industry (DCCI), said Myanmar entrepreneurs should be encouraged to invest in Bangladesh preferably in the field of gas and gas-based industry, cement, infrastructure and agro-based industries.

Amir Humayun Mahmud Chowdhury, president of Chittagong Chamber of Commerce & Industry (CCCI), proposed revision of the account trade agreement.

The CCCI president stressed the need for constructing a bridge on the river Karnaphuli and observed that without the development of internal communication it would be useless to develop roadlinks with Myanmar.

Mostafa Mohiuddin, director of EPB, also spoke in the meeting.