Trade Agreement Of Bangladesh

Bangladeshi Trade Minister Tipu Munshi and Bhutan`s Economy Minister Lyonpo Loknath Sharma sealed the agreement in dhaka, the capital. The government has concluded tough EU agreements in the 2001 Trade and Development Cooperation Agreement between the two parties, in which Dhaka has accepted EU more WTO demands, to allow, for example, the monopolistic rights of companies on seeds (patenting). The government was in controversial talks with the United States on a framework agreement on trade and investment, a prelude to a possible free trade agreement with Washington; 2010, after several years of discussions, was not signed. The United States then asked Bangladesh to sign an agreement on the Forum for Trade and Economic Cooperation, but it has not yet been signed; India has lobbied for a bilateral free trade agreement with Bangladesh, but the World Bank has made it clear that India will benefit more; Pakistan has also lobbied for a free trade agreement with Bangladesh; Bangladesh, for its part, is interested in developing a free trade agreement with China. The agreement comes at a time when the two South Asian countries are also celebrating the fiftieth anniversary of diplomatic relations. Bhutan recognized Bangladesh`s independence on December 6, 1971 and became the first country in the world to accept it as a sovereign nation. The EU is cooperating closely with Bangladesh under the EU-Bangladesh cooperation agreement concluded in 2001. This agreement offers a wide margin of cooperation and covers trade and economic development, human rights, good governance and the environment. According to official data, trade between Bangladesh and Bhutan amounted to $12.77 million in the 2008/2009 fiscal year, to $49.65 million in 2018/2019.

He said that in the near future there was the possibility of “robust trade” and cooperation in many areas such as education, health, shipping, information technology and agriculture. He called on the citizens of both countries to take advantage of the agreement, in the hope that it would “strengthen” mutual relations. In his speech, Bangladeshi Foreign Minister AK Abdul Momen said the agreement was a new chapter in bilateral relations and called on businessmen from both countries to take advantage of the agreement. Bangladesh and Bhutan signed the first preferential trade agreement (EPZ) on Sunday to promote bilateral trade. “The agreement that the two sides signed today will further strengthen relations between our two countries,” she said. “Under this agreement, a number of products from Bangladesh [100] and Bhutan [34] can benefit from duty-free access to each other`s markets.” Prime Minister Sheikh Hasina and her Bhutanese counterpart Lotay Tshering attended the event from their official residences in Dhaka and Thimphu. Although Bangladesh does not appear to play an important role at the bilateral level of free trade, it is currently under a lot of pressure and participates in various discussions: as the least developed country (LDC), Bangladesh enjoys the most favourable regime available under the EU`s Generalised Preference System (GSP), namely the “Everything but Arms” agreement (EBA). The EBA grants the 48 LDCs – including Bangladesh – a duty-free quota, free access to the EU for exports of all products except arms and ammunition. The pact has contributed to a significant improvement in workplace safety, although respect for workers` rights remains an urgent issue in Bangladesh.

The EU`s fourth technical report on the Sustainable Development Pact for Bangladesh was published in October 2017. To help you find what you`re looking for, use the search area in the top right corner of this page next to the magnifying glass. If not, follow one of the following links… Beyond all these negotiations, the government plans to negotiate free trade agreements with Iran, Turkey, Bhutan, Malaysia, Morocco and Sri Lanka.