Regional, sub-regional cooperation created immense opportunities for Bangladesh
The government has stressed on urgent entry of Bangladesh into Free Trade Agreements (FTA) and Preferential Trade Agreements (PTAs) with different countries across the world, as well as forging regional and sub-regional cooperation to explore trade potential.
“It is urgent for us to enter into Free Trade Agreements (FTA) and Preferential Trade Agreements (PTAs) with various countries and forge regional and sub-regional commercial/ economic alliances with trade potential taking into account the reality of transition from a less developed country,” said Finance Minister AHM Mustafa Kamal
To speed up South-Asia Free Trade Agreement (SAFTA) and free trade of various products, the Finance Minister in his budget speech said Bangladesh has signed agreements with the relevant countries.
He also said SAARC Agreement on Trade in Services (SATIS) has been completed. Besides, BIMSTEC Master Plan on Transport Connectivity has been adopted with the aim of strengthening communication and interconnection between BIMSTEC member countries.
The Finance Minister also listed out other regional trade agreements include the Preferential Trade Agreement (PTA) among OIC countries (TPS-OIC), the D8 PTA Preferential Trade Agreement among eight developing countries, the MECOSUR agreement with the South American trade bloc, the Agreement with the Regional Comprehensive Economic Commission (EEC).
Conference on Interaction and Confidence Building Measures in Asia (CICA), Asia Cooperation Dialogue (ACD), Asia-Europe Meeting (ASEM), Asia-Europe Foundation (ASEF), Association of Southeast Asian Nations (ASEAN), ASEAN Regional Forum Cooperation and coordination with ARF), and Inter-Parliamentary Union (IPU), Indian Ocean Coastal Organisation, Indian Ocean Rim Regional Cooperation Organisation (IORA), etc. have created opportunities for Bangladesh to work in parallel with Asian, European and other global economic zones which will help to understand the gaps that exist among different countries of the world and consolidate our position as an active and responsible player in the global trade and commerce.