BD wants trade in services in renewed accord with Bhutan

Bangladesh is set to incorporate some new clauses in its trade agreement with Bhutan for further boosting bilateral trade and investment with the Himalayan kingdom, officials said.  
The Ministry of Commerce (MoC) has already  prepared some proposals for inclusion in the upcoming renewed bilateral trade agreement. The proposals include trade in services and exchange of information on businesses for enhancing mutual cooperation.
With this end in view, the MoC is going to send the proposals to Bhutan through the Ministry of Foreign Affairs soon for consideration.
The two countries signed an agreement on trade and its related protocol on November 7, 2009 with duration of five years. As per Article 12 of the agreement, its duration will expire on November 6, 2014.      
"We will send some proposals through our Foreign Ministry to Bhutan to consider for inclusion in the renewed trade agreement this year," Deputy Secretary of the MoC AHM Ahsan told the FE.
The Commerce Secretary level meetings between the two countries, held on April 9-10, 2014 in Thimpu, had agreed to renew the existing trade agreement with amendment if necessary and inform each other about it by September this year.    
Bangladesh is the second largest export destination of Bhutan. The trade between the two countries has increased by 108 per cent over the last five years.  
But the country's export to Bhutan did not increase satisfactorily though the volume of import surged steadily over the years.   
Bangladesh mainly imports fruits, stones being used in construction, ferro silicon , spices while exports ready-made garments (RMG), medicines, plastic and furniture  products, biscuit, juice and households utensil etc.
During the Commerce Secretary level meeting in Thimpu last year, Bangladesh had proposed Bhutan to export power to the country. The two sides had also discussed transit and cooperation in the field of tourism for mutual benefits.
The daily demand of electricity in Bangladesh is over 8,000 megawatts (MW). The country is generating power between 6500 MW and 7000 MW that includes import of around 460 MW from India, according to the Bangladesh Power Development Board.
Bhutan is interested to use seaports and airports in Bangladesh along with five additional land customs (LC) stations under the proposed protocol on transit.
Thimpu has informed Dhaka that it has no proposals for amendment to trade agreement during renewal, the official said.
"The MoC has prepared the proposals for amendment of the trade agreement after scrutinising stakeholders' suggestions," he said.
He said the other proposals of the country expected to be included in the trade agreement are research on trade and auto renewal of the agreement with the existing duration.
Bangladesh exported goods to Bhutan worth $1.19 million while it imported goods to the tune of $21.21 million during the FY 2013-14. Bhutan exported goods worth $24.67 million, while Bangladesh exported only $1.82 million goods to Bhutan during the FY 2012-13. Bangladesh imported goods worth $20.71 million while exported worth $9.13 during the FY 2011-12, according to data of the MoC.