Bangladesh Devised Strategy for Trade Agreement Post LDC

The Bangladesh government has devised strategies for signing a trade agreement with trade partners post LDC. Exporters from Bangladesh are expected to pay a duty fee of 8%-16% depending on the trade destination.

The government is trying to sign free trade agreements (FTAs), preferential trade agreements (PTAs) and comprehensive economic partnership agreements (CEPA) with the major trading partners. Recently, the commerce ministry sent letters to Japan and South Korea expressing interest in signing bilateral trade agreements, said Tapan Kanti Ghosh, senior secretary to the commerce ministry.

Furthermore, according to officials’ negotiation is underway with India to sign CEPA and an FTA with China. Bangladesh is looking to sign trade agreements with the EU, Singapore, and the US. Bangladesh is also keen to join Regional Comprehensive Economic Partnership (RCEP), a free trade agreement among the Asia-Pacific nations.

Tapan Kanti Ghosh further expressed that the commerce ministry has so far prepared 26 studies on FTAs, PTAs and CEPAs but none can be considered dynamic enough to lead to a deal's signing.

Further issues plaguing Bangladesh Export are lack of quality transport of goods, port inefficiency and skill-building.