Bangladesh is going to renew its trade accord and trade protocol with Bhutan to expedite business between the two friendly countries, Commerce Ministry sources said.
A proposal in this regard has been sent to the cabinet division for approval.
The trade pact was first signed in 1980 under which a trade protocol was signed in 1984. Business between the two countries was happening under the trade protocol.
The tenure of the agreement and protocol was renewed on May 12, 2003. Its tenure expired on 11 May 2008 but is yet to be renewed. The two countries were scheduled to renew this agreement in November last but could not do so for various reasons.
After being vetted from the Ministry of Law Affairs last year, the trade deal was sent to the Advisory Council for approval. But it did not get nod over inclusion of 17 new goods in the export list.
Bangladesh and Bhutan have very little volume of bilateral trades, which always remains in favour of the latter. According to the available statistics during the July 2007-March 2008 period Bangladesh imported goods worth US$10.80 million from Bhutan while its exports to Bhutan amounted to only US$ 0.78 million.
The major items Bangladesh imports from Bhutan are vegetable and mineral products, chemicals, prepared foodstuffs, beverages, fruits, vinegar, tobacco, timber, wooden products and textile items. Bangladesh, on the other hand, mainly exports woven garment, computer accessories, dry food and frozen fish besides pharmaceutical products.
A Commerce Secretary level trade talks was held between Bangladesh and Bhutan in Thimpu from August 12-15 last year where Bhutan's Economic Affairs Secretary Dasho Sonam Tshering termed Bangladesh an important trading partner of the country. He hoped that signing of the Free Trade Agreement (FTA) would further promote trade and economic cooperation between the two countries. The Bhutanese part proposed that the two sides should agree on duty free treatment to various products for signing FTA.
However, the Secretary level talks could not reach any final decision time regarding signing FTA or duty free treatment and left it for policymaker's decision.
The meeting agreed that Tamabil port will be included as entry and exit point and necessary measures will be taken immediately in this connection.
The two sides agreed on the need to build linkages between respective standards and testing organisations for working towards the ultimate objective of mutual reorganisation of standards. |
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