Dhaka woos Tokyo over signing FTA: Commerce minister

As Bangladesh graduates into a developing nation, it needs fresh trade deals to get signed because old deals where Dhaka was entitled to preferential duty benefits would no longer exist.

With such a backdrop, Bangladesh is looking for trade partners, especially the ones where the exporters send most merchandise. Commerce Minister Tipu Munshi said on Sunday that it is necessary to take steps to sign FTA or EPA with Japan, and many other countries.

He was speaking at a seminar on “The Survey on FTA / EPA between Japan and Bangladesh” organised by Japan External Trade Organization (JETRO) and Japan-Bangladesh Chamber of Commerce and Industry (JBCCI) at Hotel Lakeshore in Dhaka.

The commerce minister said the government is providing special facilities to international investors to bring them to Bangladesh.

After LDC graduation, as Bangladesh will lose various incentives provided by the importing nations, the country will need fresh trade deals to compensate for those gains and keep on moving. Therefore, Bangladesh needs to sign agreements like Preferential Trade Agreements (PTAs) or Economic Partnership Agreement (EPAs).

Bangladesh has already signed an FTA with Bhutan. Now efforts are underway to ink such deals with important trading partners such as Canada, Japan, China, India, South Korea, Australia and Russia.

Munshi said even if Bangladesh loses tariff benefits temporarily, it will gain in the long run.

The minister said Bangladesh is now a very attractive place for investment. The government is working with developed and developing countries, simultaneously, to increase foreign investment and trade.

Special guests at the seminar were Naoki Ito, ambassador of Japan to Bangladesh, Tapan Kanti Ghosh, senior secretary, Ministry of Commerce and Mahfuzar Akhter, chairman (Secretary), Bangladesh Trade and Tariff Commission.

Jetro (Dhaka) and JBCCI Director Yuji Ando presented the keynote paper at the seminar.