Bangladesh and China exchanged a draft feasibility study report with a view to initially signing a Free Trade Agreement (FTA) between the two countries to increase trade and investment, reports UNB.
The two countries exchanged the survey report in a ceremony in the conference room of the Ministry of Commerce on Thursday.
Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh, Chinese Ambassador to Bangladesh Yao Wen, and senior officials of the Ministry of Commerce and related ministries and divisions were present.
Speaking on the occasion, senior secretary of the Ministry of Commerce Ghosh said that Bangladesh's transition from the LDC club to a developing country is a significant achievement in the economic sector.
"This achievement will create a positive image of Bangladesh in the world and new opportunities in investment and trade, but it will also create challenges," he said.
Among the challenges, LDCs lose duty-free and quota-free access to developed and developing countries after 2026 and rate of value addition, he pointed out.
As a result, the export products of Bangladesh will have to face the generally imposed duties when entering the market of those countries, said Ghoshy.
There is a possibility of the export market of Bangladesh shrinking in those countries, he said adding FTA will help to promote the export of Bangladesh products.
During the visit of the President of China to Bangladesh on October 14-15, 2016, a memorandum of understanding was signed regarding the joint feasibility study of the signing of the FTA between Bangladesh and China.
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