FTA move with some countries falters

A government move to sign Free Trade Agreements (FTAs) with some potential countries is yet to produce any result apparently for putting on the backburner some major issues mostly related to market access.
Though the government took initiative to sign such deals with many countries holding potential for trade boosting, there had been no 'significant progress', official sources said.
The process of signing FTA with some of the select countries is now at preliminary stages. Only feasibility study and meetings were held in this connection, they further said.
The process of signing FTA is delayed for a lack of coordination among the officials of the ministry and the department concerned, they pointed out.
Discussions on FTAs are going on with Malaysia, Myanmar, Nigeria, Macedonia, Mali, Morocco, Turkey and a preferential trade agreement (PTA) with Sri Lanka.
But the process is going on at a snail's pace, holding back the striking of the deals, sources concerned have said.
"The authority concerned could not make any move to sign FTA or PTA with any country quickly as there are many issues involved with the signing of such an agreement," said Monoj Kumar Roy, additional secretary of the Ministry of Commerce (MoC).
"Feasibility study is first, and after that we can take the decision as to whether we will sign the deal or not. In fact, we will sign FTA with a country when it will be financially and economically viable for our country," he said.
The Tariff Commission is now conducting feasibility study on some countries prior to going for FTA and PTA.
Bilateral free-trade pact is a matter of negotiation between two countries. No country does come forward to sign a deal if it goes against its interests. "As a result, we are going slowly," Mr Roy also said to explain the delays.    
An official of the MoC admitted that the signing process of bilateral FTA with six selected countries was progressing at a slow pace. The aims and objectives of FTA are attaining zero-tariff facility between two signatory countries and also reducing trade barriers.
Signing FTA with some states may not be feasible for Bangladesh as it will cause a heavy revenue loss to it, trade officials have said.
The government is sincerely working on the FTA/PTA issue. But it is still at the primary stage, sources said.
India has provided duty-free market access for all products of least-developed member countries under the SAFTA barring the ones on the sensitive lists. The SAFTA came into effect on January 1, 2008.