Bangladesh, Bhutan pledge barrier-free trade

29 Apr '24

2 min read

Bangladesh, Bhutan pledge barrier-free trade

Pic: Adobe Stock

Insights

Both countries have agreed on forging mutual cooperation in reducing tariff, non-tariff barriers to boost bilateral trade alongside increasing export facilities, investment, transit, communication, power and energy cooperation, tourism and also address existing challenges at customs, land ports.
Decisions came at two-day commerce secretary level meeting.

Bangladesh and Bhutan have solidified their commitment to bolster bilateral trade by addressing tariff and non-tariff barriers, enhancing export facilities, and fostering cooperation in various sectors including investment, transit, communication, power, energy, and tourism.

These decisions were reached during the 9th commerce secretary-level meeting held over two days in Thimphu, the capital of Bhutan, recently.

The Bangladesh delegation, led by senior secretary of the Commerce Ministry, Tapan Kanti Ghosh, engaged in fruitful discussions with Bhutanese counterparts, headed by Bhutan’s secretary of Industry, Trade, and Employment, Tashi Wangmo.

Ambassadors from both the countries also participated, representing their respective ministries.

At the outset, both sides expressed satisfaction with their current relations and voiced optimism for future collaboration. Among the topics discussed was Bhutan’s potential rejoining of the BBIN MVA framework to enhance regional connectivity, a suggestion positively received by Bhutan.

The meeting also addressed strengthening trade ties, particularly lauding the increased trade volume resulting from the Preferential Trade Agreement (PTA) and agreeing to expand the range of products covered by the PTA.

Additionally, plans were made for trial runs on exports and imports to implement the Traffic in Transit Agreement, alongside the intention to sign a Customs Mutual Assistance Agreement (CMAA) for enhanced cooperation on customs matters.

The Bhutanese delegation expressed admiration for Bangladesh’s socio-economic progress under Prime Minister Sheikh Hasina’s leadership and affirmed their commitment to fostering bilateral trade, regional connectivity, and cooperation in tourism and energy sectors.

On the sidelines, the senior commerce secretary engaged with Bhutanese ministers, discussing further avenues for collaboration even as praising Bangladesh’s development trajectory Bhutanese ministers also indicated their support for increased mutual trade and regional connectivity, with ongoing consideration for Bhutan’s re-inclusion in the BBIN-MVA.

Moreover, meetings with Bhutanese importers-exporters and trade associations underscored the shared commitment to deepening economic ties and fostering mutual prosperity between Bangladesh and Bhutan.

Fibre2Fashion News Desk (DR)

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