Iran seeks to sign a Preferential Trade Agreement (PTA) with Bangladesh to boost bilateral trade, officials said.
The country has recently conveyed its interest in signing the agreement to the Bangladesh Embassy in Tehran.
The Trade Promotion Organisation (TPO) of the Muslim country has also requested Bangladesh to exchange updated commodity/product list between the two countries for the PTA.
The Bangladesh embassy then sent a letter to the Ministry of Commerce to take necessary steps in the regard.
Currently, Commercial Wing of the embassy and the TPO of Iran are negotiating about the signing the PTA.
According to the Iranian Ministry of Foreign Affairs, they are interested to proceed with the PTA negotiation.
They have officially requested the relevant authorities in Bangladesh to take necessary actions in this regard, the embassy letter reads.
The TPO is now requesting exchange of updated commodity/product list between the two governments for approval and resumption of negotiation to finalise rules of origin (RoO) for the PTA.
The embassy letter noted that the last round of negotiation on signing a PTA was held during the 5th JEC in Dhaka in 2013, where the Bangladesh side was headed by former finance minister Abul Maal Abdul Muhith.
The new government of Iran is focusing on the PTA for closer economic ties between the two Asian countries having potentials of multibillion dollar trade.
"Implementation of the PTA and eventual progress to a FTA between Bangladesh and Iran will be mutually beneficial, particularly for Bangladesh in its exploration and development of trade and investment relations with the Central Asian and Eurasian countries by using Iran's ports and transshipment facilities, north-south corridors and connectivity," the letter added.
The mission has requested the ministry to start negotiation for completing the process for operationalising the PTA soon.
In 2013, the volume of Iran-Bangladesh trade was less than US$ 20 million. In recent years, the trade volume increased to more than $ 100 million.
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