Syful Islam
Bangladesh is moving forward for signing a preferential trade agreement (PTA) with Sri Lanka aiming to enhance bilateral trade, officials said.
"Most of the stakeholders supported signing of PTA instead of going for free trade agreement (FTA). The issue is still under study but possibility of signing PTA is comparatively bright," additional secretary of the Ministry of Commerce (MoC) Monoj Kumar Roy told the FE.
The two sides at a meeting of joint working group on trade last September had decided to further study signing of PTA or FTA or any other arrangement to boost trade.
A senior official at the MoC said bilateral trade among the two countries is still very meagre. A deal to facilitate trade is very much essential for enhancing trade between Bangladesh and Sri Lanka, he said.
He said Sri Lanka in its feasibility study has found signing of PTA with Bangladesh more business friendly.
The official said the MoC had a meeting with stakeholders recently where most of the participants suggested for signing a PTA with Sri Lanka instead of inking FTA.
"They were of the opinion that signing PTA will be more feasible for Bangladesh as well."
A senior official at the National Board of Revenue said most of major export products of Bangladesh are in the sensitive list of Sri Lanka.
On the other hand, most of the Lankan export products are also in the sensitive list of Bangladesh.
He suggested that the duo can start negotiation for signing PTA taking 200 products from their sensitive lists.
An official of the WTO Cell at the MoC favoured the proposal of signing PTA taking some products from the respective sensitive lists of the two countries as a test case instead of signing FTA.
He, however, suggested for not signing a trade deal which would not be beneficial for the two countries compared to the benefits they enjoy under the South Asian Free Trade Area (SAFTA) agreement.
The volume of bilateral trade between Bangladesh and Sri Lanka is around US$70 million. In fiscal year 2013-14, Bangladesh exported goods worth nearly $28 million while imported goods valued at $40 million.
Bangladesh's major exports to Sri Lanka include frozen food, agro-products, chemical items, raw jute, jute goods, knitwear, and woven garments.
On the other hand, imports from Sri Lanka include live animals, animal and vegetable products, animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes, prepared foodstuffs, beverages, sprits and vinegar, tobacco and manufactured tobacco substitutes, mineral products, products of chemical or allied industries, plastics and articles thereof, rubber and articles thereof, raw hides and skins, leather, travel goods and handbags.
syful-islam@outlook.com
Bangladesh is moving forward for signing a preferential trade agreement (PTA) with Sri Lanka aiming to enhance bilateral trade, officials said.
"Most of the stakeholders supported signing of PTA instead of going for free trade agreement (FTA). The issue is still under study but possibility of signing PTA is comparatively bright," additional secretary of the Ministry of Commerce (MoC) Monoj Kumar Roy told the FE.
The two sides at a meeting of joint working group on trade last September had decided to further study signing of PTA or FTA or any other arrangement to boost trade.
A senior official at the MoC said bilateral trade among the two countries is still very meagre. A deal to facilitate trade is very much essential for enhancing trade between Bangladesh and Sri Lanka, he said.
He said Sri Lanka in its feasibility study has found signing of PTA with Bangladesh more business friendly.
The official said the MoC had a meeting with stakeholders recently where most of the participants suggested for signing a PTA with Sri Lanka instead of inking FTA.
"They were of the opinion that signing PTA will be more feasible for Bangladesh as well."
A senior official at the National Board of Revenue said most of major export products of Bangladesh are in the sensitive list of Sri Lanka.
On the other hand, most of the Lankan export products are also in the sensitive list of Bangladesh.
He suggested that the duo can start negotiation for signing PTA taking 200 products from their sensitive lists.
An official of the WTO Cell at the MoC favoured the proposal of signing PTA taking some products from the respective sensitive lists of the two countries as a test case instead of signing FTA.
He, however, suggested for not signing a trade deal which would not be beneficial for the two countries compared to the benefits they enjoy under the South Asian Free Trade Area (SAFTA) agreement.
The volume of bilateral trade between Bangladesh and Sri Lanka is around US$70 million. In fiscal year 2013-14, Bangladesh exported goods worth nearly $28 million while imported goods valued at $40 million.
Bangladesh's major exports to Sri Lanka include frozen food, agro-products, chemical items, raw jute, jute goods, knitwear, and woven garments.
On the other hand, imports from Sri Lanka include live animals, animal and vegetable products, animal or vegetable fats and oils and their cleavage products, prepared edible fats, animal or vegetable waxes, prepared foodstuffs, beverages, sprits and vinegar, tobacco and manufactured tobacco substitutes, mineral products, products of chemical or allied industries, plastics and articles thereof, rubber and articles thereof, raw hides and skins, leather, travel goods and handbags.
syful-islam@outlook.com
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