DHAKA: Bangladesh signed a government-to-government deal with Canada to import high quality potash worth about USD 44 million from the country.

Canadian Commercial Corporation (CCC) and Bangladesh Agriculture Development Corporation (BADC), on behalf of their respective sides, signed the deal on May 13, said a press release on May 21.

The newly signed contract includes an option to supply an additional $22-million worth of potash. This deal builds on last year’s US$40-million contract to supply potash to BADC, which was signed and delivered in 2014.

Canada resumed potash export to Bangladesh by a government to government contract in 2014 after many years. Under this new contract, potash will be delivered to Bangladesh in the fall of 2015.

The potash will be mined from member mines of Canpotex Limited - a joint venture among the Canadian province of Saskatchewan's Potash Producers - Agrium, Mosaic and PotashCorp - which markets Saskatchewan potash outside of Canada and the United States.

Canada has 46% of the world’s potash reserves. It is one of the world’s largest producers of potash, with about 33% of global potash fertilizer production occurring in Saskatchewan.

In 2013, Canada exported CAD $5.8 billion worth of potash throughout the world.

Bangladeshi farmers prefer Canadian potash as it helps them reap better harvests, enhance quality of their production and increase profits.

It also helps Bangladesh in attaining national food security through enhanced quality and quantity of crops.

About the deal, Canadian High Commissioner in Dhaka Benoît-Pierre Laramée said, “Trade deals such as this ensures mutual prosperity and development. He thanked BADC for the import, and congratulated CCC and, Canpotexfor making this deal happen.”

BDST: 1441 HRS, MAY 21, 2015
HB/RR/SMS