Dhaka needs to sign trade deals with foreign nations
Friday, 15 June 2007
FE Report
Bangladesh, which requires overseas investment for economic development, needs to sign deals on expansion of capital investment and protection, and trade promotion with foreign countries to restore confidence of investors.
Official sources said a government move to sign such agreements separately with Ukraine, Denmark, Russian Federation, Finland and Italy has not been successful.
Such deals could not be struck over the last few years due to non-cooperation of foreign missions and line ministries, said a source of the ministry of foreign affairs (MoFA).
He said: "We could not proceed to sign deals despite interest shown by those countries as the line ministries and foreign missions remained tepid."
He said the cabinet division at a meeting December last gave approval for signing a bilateral trade agreement with Ukraine.
"We had asked our Moscow mission for fixing date and place for signing the agreement in consultation with the Ukraine authority concerned, but there is no reply yet," the MoFA source said.
He said another bilateral agreement with Denmark on expansion of capital investment and protection is pending with the ministry of law and parliamentary affairs where it was sent at least five month ago for vetting.
Further progress on signing of consular convention agreement with Russian Federation had not been possible as the Ministry of Home Affairs did not reply to a draft deal submitted a year ago, he said.
The MoFA source said the Ministry of Industry has been requested to prepare a draft for investment expansion and protection agreement to send to the authority concerned of the government of Finland, but it did not yet send the draft.
He said that the proposed readmission treaty with Italy also remains pending due to non-cooperation of the ministry concerned.
When asked, the source said: "We need to sign the agreements in connection with the investment expansion and protection at the earliest considering our own interest as this will create confidence among the foreign investors of those countries to invest here."
Many potential investors from the countries are not at all interested as Bangladesh has no investment expansion and protection agreement with their countries.
Besides, signing such agreements will also help the exporters to promote market.
Bangladesh, which requires overseas investment for economic development, needs to sign deals on expansion of capital investment and protection, and trade promotion with foreign countries to restore confidence of investors.
Official sources said a government move to sign such agreements separately with Ukraine, Denmark, Russian Federation, Finland and Italy has not been successful.
Such deals could not be struck over the last few years due to non-cooperation of foreign missions and line ministries, said a source of the ministry of foreign affairs (MoFA).
He said: "We could not proceed to sign deals despite interest shown by those countries as the line ministries and foreign missions remained tepid."
He said the cabinet division at a meeting December last gave approval for signing a bilateral trade agreement with Ukraine.
"We had asked our Moscow mission for fixing date and place for signing the agreement in consultation with the Ukraine authority concerned, but there is no reply yet," the MoFA source said.
He said another bilateral agreement with Denmark on expansion of capital investment and protection is pending with the ministry of law and parliamentary affairs where it was sent at least five month ago for vetting.
Further progress on signing of consular convention agreement with Russian Federation had not been possible as the Ministry of Home Affairs did not reply to a draft deal submitted a year ago, he said.
The MoFA source said the Ministry of Industry has been requested to prepare a draft for investment expansion and protection agreement to send to the authority concerned of the government of Finland, but it did not yet send the draft.
He said that the proposed readmission treaty with Italy also remains pending due to non-cooperation of the ministry concerned.
When asked, the source said: "We need to sign the agreements in connection with the investment expansion and protection at the earliest considering our own interest as this will create confidence among the foreign investors of those countries to invest here."
Many potential investors from the countries are not at all interested as Bangladesh has no investment expansion and protection agreement with their countries.
Besides, signing such agreements will also help the exporters to promote market.