Govt adopts policy to explore bilateral trade deals

Finance Minister AHM Mustafa Kamal on Thursday said that the government adopted policies to explore bilateral free and preferential trade agreements with different countries.

The bilateral Free Trade Agreements (FTAs) and Preferential Trade Agreements (PTAs) are either being signed or finalised to meet the challenges in global trade following the country’s transition from LDC status, he said.

“Under the agreement, 34 Bhutanese products will get duty-free access to the Bangladeshi market and 100 Bangladeshi products to the Bhutanese market,” he said while unveiling the national budget before the parliament for the next fiscal year.

The PTA negotiations with Nepal are at the final stage, the finance minister said.

Significant progress has also been made in formal talks aimed at 75 signing a bilateral PTA with Indonesia, he said.

Work on a joint study aimed at conducting a free trade agreement with Sri Lanka is also at the final stage.

In addition, for the signing of FTA/PTA, feasibility studies to assess trade potentials in different countries, such as Malaysia, Vietnam, Thailand, Japan, Eurasian Economic Commission have been completed, and Bangladesh’s feasibility of signing trade agreements with China, Myanmar, Nigeria, Mali, Macedonia, Mauritius, Jordan, USA, Iraq and Lebanon is being explored.

There is an initiative to conduct a joint feasibility study on the proposed Comprehensive Economic Partnership Agreement between Bangladesh and India.

Bangladesh’s feasibility of signing trade agreements with China, Myanmar, Nigeria, Mali, Macedonia, Mauritius, Jordan, USA, Iraq and Lebanon is being explored.

He said an initiative has been taken to conduct a joint feasibility study on the proposed Comprehensive Economic Partnership Agreement between Bangladesh and India.

To reduce trade deficit, measures are being taken to remove tariff and non-tariff barriers by executing bilateral trade agreements.

Such agreements have already been signed with 44 countries, he added.

He said the government has continued to provide export incentives to 36 products to increase competitiveness in exports like it was done in the previous fiscal year.