Bhutan may give free trade facility for most BD items
Wednesday, 4 November 2009
Munima Sultana
Bangladesh is likely to enjoy free trade facility for most of the items imported from Bhutan when the bilateral trade agreement is renewed during the four-day visit of the Bangladesh Prime Minister.
Prime Minister Sheikh Hasina will visit the monarchy country on November 6 where commerce ministers of Bangladesh and Bhutan will sign the agreement on behalf of the respective countries.
"Both sides examined the free trade agreement issues and Bhutan has already agreed to give the facility for their products exported to Bangladesh," said an official preferring anonymity.
He said though Bhutan is likely to seek similar facility from Bangladesh during the prime minister's visit to that country, no decision has been made yet.
Official sources said the trade agreement is to be signed to renew the previous agreement, which expired in 2008. Bangladesh and Bhutan had the first trade agreement in 1984 that expired in 2000. The second and last agreement was signed in 2003.
In the fresh agreement, the officials said, the two countries reviewed the low trade volume of both sides and agreed to increase it.
During the visit of Bhutanese economic affairs minister's last month, Bhutan has hinted to sign free trade agreement (FTA) with Bangladesh to boost economic relation between the two countries
Proposals for Free trade agreement (FTA) with Sri Lanka, Pakistan and India are now being examined under South Asian Preferential Trade Agreement and South Asian Free Trade Area.
In the new Bangladesh-Bhutan trade agreement which was finalised after consultation at commerce secretary level in August 2008, issues of improving regional connectivity and transit have also been added, the official sources said.
Both sides also agreed to increase total number of items for trading on each side to 90, which is now 74.
At present Bhutan is enjoying tax concession for 20 products from Bangladesh under a statutory regulatory order of 1989. The Bhutanese minister for economic affairs visited Burimari land port on October 5 to see for himself the infrastructure facilities at the Bangladeshi land border point.
Bangladesh is likely to enjoy free trade facility for most of the items imported from Bhutan when the bilateral trade agreement is renewed during the four-day visit of the Bangladesh Prime Minister.
Prime Minister Sheikh Hasina will visit the monarchy country on November 6 where commerce ministers of Bangladesh and Bhutan will sign the agreement on behalf of the respective countries.
"Both sides examined the free trade agreement issues and Bhutan has already agreed to give the facility for their products exported to Bangladesh," said an official preferring anonymity.
He said though Bhutan is likely to seek similar facility from Bangladesh during the prime minister's visit to that country, no decision has been made yet.
Official sources said the trade agreement is to be signed to renew the previous agreement, which expired in 2008. Bangladesh and Bhutan had the first trade agreement in 1984 that expired in 2000. The second and last agreement was signed in 2003.
In the fresh agreement, the officials said, the two countries reviewed the low trade volume of both sides and agreed to increase it.
During the visit of Bhutanese economic affairs minister's last month, Bhutan has hinted to sign free trade agreement (FTA) with Bangladesh to boost economic relation between the two countries
Proposals for Free trade agreement (FTA) with Sri Lanka, Pakistan and India are now being examined under South Asian Preferential Trade Agreement and South Asian Free Trade Area.
In the new Bangladesh-Bhutan trade agreement which was finalised after consultation at commerce secretary level in August 2008, issues of improving regional connectivity and transit have also been added, the official sources said.
Both sides also agreed to increase total number of items for trading on each side to 90, which is now 74.
At present Bhutan is enjoying tax concession for 20 products from Bangladesh under a statutory regulatory order of 1989. The Bhutanese minister for economic affairs visited Burimari land port on October 5 to see for himself the infrastructure facilities at the Bangladeshi land border point.