Three EEC states shy of any trade deal with BD

All but three Eurasian Economic Commission (EEC) countries are discouraged to enter into any trade deal with Bangladesh, fearing any possible adverse impact on their infant apparel sector.
Even any preferential trade agreement (PTA) or free trade agreement (FTA) with Russia separately is unfeasible as it is an integral part of the EEC.
The Bangladesh Mission in Russia recently shared this opinion with commerce ministry on the potential of signing any FTA/PTA with the EEC trade bloc.
The EEC currently comprises five countries-Armenia, Belarus, Kazakhstan, Kyrgyz Republic and Russia.
The EEC is the permanent regulatory body of the Eurasian Economic Union (EAEU). It started work on 02 February 2012.
These five states have common customs border and a single market of 184.3-million people and $1.7-trillion gross domestic product.

The volume of their external trade stands at $731.1 billion.
When asked, commerce secretary Tapan Kanti Ghosh said, "We've been working to make a trade deal with the EEC to expand trade and commerce, including duty-free market access to Russia."
Bangladesh also looks to tap the potential of exports to East European markets, he adds.
A commerce ministry delegation is expected to visit Russia next month and they are supposed to join the first 'Joint Working Group' meeting in Moscow.
"An FTA or PTA with the EEC is expected to boost our export to the bloc. But there are reasons to believe that... Belarus, Kyrgyz Republic and Kazakhstan are not very encouraged to engage with Bangladesh."
The countries fear any adverse impact on their infant garment sector, the high commission mentioned in its opinion.
"Signing FTA or PTA with Russia only is not possible now as it's an integral part of the EEC," it says.
"To increase our export to this region, an FTA or PTA with the EEC is very important."
The region has resources like mineral, agriculture, infrastructure, technology and heavy industry. Bangladesh has thus decided to get involved with the reign focusing on trade and investment.
The ultimate goal is to ink a PTA with the EEC which, if done, may result in an FTA, according to a high commission document.
To this end, a memorandum of cooperation was already signed on 31 May 2019, an official said. Bangladeshi goods have immense potential on the Russian market.
In fiscal year (FY) 2020-21, Bangladesh exported goods worth $676 million to the EEC countries, of which 98 per cent or $665.31 million to Russia.
Currently, the volume of export to Belarus is only $5.7 million, Kazakhstan $5.4 million, Armenia $0.5 million and Kyrgyzstan $0.006 million.
The volume of export is perceived to be much lower than the actual potential, according to the opinion.
Ready-made garment is the main export item along with frozen foods, jute and jute goods, leather and leather goods, footwear, tobacco and the like.
On the other hand, the main imported items are food grains, aviation equipment and parts, fertiliser, iron and steel, and mineral products.
Earlier, the EEC signed FTAs with Vietnam, Serbia and Singapore. These are international treaties.
The EEC has an interim FTA with Iran.
It has also signed a memorandum with Thailand, Cambodia, Mongolia, Chile, Peru and Indonesia.
[email protected]