Cabinet ratifies APTA deal

The cabinet on Monday ratified a proposal of signing a Framework Agreement on the Promotion and Liberalisation of Trade in Services among the APTA (Asia Pacific Trade Agreement) member states, report agencies. This was ratified at the regular cabinet meeting held at Bangladesh secretariat with Prime Minister Sheikh Hasina in the chair. Briefing newsmen after the meeting, Prime Minister's Press Secretary Abul Kalam Azad said the meeting was also apprised about the bilateral meeting of the commerce minister with his Thai counterpart and his participation in the BIMSTEC Business Forum in Bangkok. The APTA member states -- Bangladesh, India, Sri Lanka, China, the Republic of Korea and Laos -- have signed an agreement last year on mutually agreed tariff concessions to a number of items. Under the agreement, Bangladesh has so far been provided tariff concessions on its 222 items. APTA is a preferential trading arrangement to liberalise and expand trade progressively in the ESCAP region through relaxation of tariff and non-tariff barriers and trade-related economic cooperation. The agreement aims at promoting economic development through expansion of trade among the developing member countries of ESCAP and to foster international economic cooperation by adopting mutually beneficial trade liberalisation measures consistent with their respective present and future development and trade needs. The cabinet was also informed the outcome of the participation of the industries minister at an international conference on intellectual property in Geneva. Ministers, advisers to the Prime Minister and state ministers concerned attended the meeting. The cabinet secretary, press secretary and secretaries concerned were present.