Nepal, Bangladesh push for PTA to elevate bilateral trade

Led by Tapan Kanti Ghosh from Bangladesh and Dinesh Kumar Ghimire from Nepal, both delegations included officials from relevant ministries and ambassadors.

The proposed PTA aims to bolster trade by facilitating duty-free or preferential access to each other’s goods even as both parties agreed for the Trade Negotiating Committee (TNC) to promptly finalise the PTA text, Rules of Origin, and product lists.

Acknowledging their robust bilateral relations, they discussed various aspects for strengthening trade and economic cooperation.

With both countries set to graduate from Least Developed Country (LDC) status by 2026, challenges regarding market access were deliberated upon even as collaboration was emphasised to address these challenges and enhance connectivity.

Recent developments in power sector cooperation were welcomed, with Bangladesh highlighting the need for a secure power supply and comprehensive investor protection.

Existing bilateral Memoranda of Understanding (MoUs) related to agriculture and trade regulations were also reviewed, underscoring effective implementation to foster a favourable business environment.

A significant step towards cooperation was the agreement to sign a Customs Mutual Assistance Agreement (CMMA), facilitating customs-related data exchange, harmonising customs procedures and simplifying visa processes for Bangladeshi businesspersons were also discussed.

Fibre2Fashion News Desk (DR)