Bangladeshi business people could hardly make good use of various benefits they are entitled to enjoy under a number of bilateral and multilateral trade deals, officials say.
Presently Bangladeshi goods enjoy duty-free market access to 38 countries.
Besides, the country is a member of two free trade area (FTA) agreements and three preferential trade (PTA) agreements.
However, the majority of the country's business community are not aware about these trade deals and fail to reap the benefits, officials at the ministry of commerce (MoC) said.
Though some of them have preliminary ideas, they fail to avail trade benefits due to the lack of proper knowledge about how to pursue the procedure.
Against this backdrop, the MoC has taken an initiative to publish a booklet to let businesses know about the trade deals and their benefits so that they can be encouraged to avail those.
"Trade is not growing as expected and consumers suffer due to this knowledge gap," a senior ministry official told the FE.
According to the draft of the booklet, Bangladeshi exportables enjoy duty-free market access to 28 member states of the European Union and 10 other countries including Japan, Australia, New Zealand, Norway, and Chile.
Against the duty-free market access facility to these 38 countries, Bangladesh does not need to provide duty waiver in case of importing goods from them.
The country is a member of two free trade deals -- South Asia Free Trade Area (SAFTA) agreement and BIMSTEC (Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation) FTA.
Besides, the country is a member of three PTA deals -- Asia Pacific Trade Agreement (APTA), TPS-OIC (Trade Preferential Scheme among the member states of the OIC), and D-8 PTA (Developing-8 Preferential Trading Agreement).
Of the five deals, the BIMSTEC FTA is yet to be effective.
Under the SAFTA agreement, Bangladesh can export all but 25 items to a big economy like India providing no duties.
In case of smaller member states, goods and raw materials can enter or can be imported at lower duties.
Bangladesh, China, India, South Korea, Laos and Sri Lanka are member states of the APTA. Mongolia's joining in the regional trade pact is under process, officials said.
As a least developed country (LDC), Bangladesh's goods can enjoy margin of preference in APTA member states with 35 per cent local value addition.
Under the TPS-OIC, trade deal of 57 Muslim nations, Bangladeshi exports can avail tariff preference through 30 per cent value addition. Besides, raw materials can be imported from those nations by paying less duty or zero duty.
The D8 trade pact has eight member states -- Iran, Indonesia, Bangladesh, Pakistan, Turkey, Malaysia, Egypt and Nigeria.
To avail tariff benefits in D8 member countries, Bangladeshi goods will have to ensure 40 per cent local value addition.
Contacted over telephone on Monday, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Shafiul Islam Mohiuddin said exporters are more or less aware of these benefits.
But, he said, the government can launch awareness programme to inform more businessmen about the international trade benefits.
"We always inform our members about the prevailing and impending facilities," said the chief of the top trade body.
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