Commerce minister Khandaker Abdul Muktadir on Monday said there will be no immediate impact on the import of essential items even though all transit through the Strait of Hormuz has been closed due to the conflict between the United States and Iran.

The government is closely monitoring the situation regarding the Strait of Hormuz, he told reporters after the Indian high commissioner in Bangladesh, Pranay Verma, paid him a courtesy visit at secretariat.

On the same day, the commerce minister sought investment from the United Kingdom, especially on tea cultivation, when the British high commissioner, Sarah Cooke, met him at the secretariat.

The Strait of Hormuz is a maritime choke-point between the Persian Gulf and the Gulf of Oman and provides the only sea passage from the Persian Gulf to the open ocean.

On Saturday, the US and Israel launched coordinated attacked on Iran.

Primary littoral state of the strait, Iran has threatened closure of the strait as several oil tankers and oil producers have already suspended shipments through the strait.

Highlighting the significance of the strait to the global trade, the commerce minister said approximately one-fifth of global maritime trade passed through this route.

The commerce minister admitted that that the closure of the strait for an extended period would have significant impact over the global shipping logistics.

Bangladesh’s imports of fertilizers, crude oil and liquefied natural gas mainly come through the strait.

Its imports of refined petroleum oils, however, come from China, Malaysia, Thailand and Indonesia, but those countries also import fuel via the strait.

Hoping the situation may resolve within a few days he said there had been no  cause for concern regarding the supply of fuel or other daily necessities at this moment.

Besides, the government will take alternative steps if the conflict prolonged, he added.

At the meeting with the Indian envoy, the commerce minister discussed several trade-related issues between two closed-door neighbours.

Brining up restrictions on certain export products and the closure of several border haats and land borders over the past 18 months, the commerce minister said the Benapole-Petrapole land port remained operational.

He said the meeting was as a positive step toward resolving trade hurdles and strengthening economic ties between two countries.

The bilateral trade between the two nations currently totals approximately $11 billion, with Bangladesh importing roughly $9.5 billion and exporting $1.5 billion worth of goods, he added.

The commerce minister said Bangladesh was keen to work with the UK during his meeting with the British high commissioner and highlighted the need for British investment to modernize and boost production in the tea industry in Sylhet.

Referring to the UK’s historical involvement in Bangladesh’s tea sector, he said increased investment would generate more employment opportunities and thus contribute to the development of tourism.

He also said foreign investment would enable year-round operations through the use of liquefied petroleum gas in Bangladesh’s fertilizer plants.