Photo : Collected
Bangladesh and Nepal have emphasised finalising the Preferential Trade Agreement (PTA) during a commerce secretary-level meeting, underscoring its significance in bolstering bilateral trade between the two South Asian nations.
The 7th Commerce Secretary Level Meeting (7th CSLM) between the two countries was held in the Nepalese capital, Kathmandu, on April 18-19, said a press release on Sunday.
The Bangladesh delegation was led by Tapan Kanti Ghosh, senior secretary at the Ministry of Commerce, while the Nepalese one was headed by Dinesh Kumar Ghimire, secretary (Commerce and Supplies) at the Ministry of Industry, Commerce and Supplies.
Each delegation included officials from the relevant ministries, as well as ambassadors from both countries. Both sides expected that the proposed PTA would foster increased trade by facilitating duty-free or preferential access to each other's goods.
It was also agreed that the Trade Negotiating Committee (TNC) would be convened soon to conclude the PTA text, Rules of Origin, and product lists.
The leaders of both delegations expressed satisfaction with the excellent bilateral relations that exist between Bangladesh and Nepal. The 7th CSLM discussed various pertinent issues for further strengthening Bangladesh-Nepal trade and economic cooperation.
Recognising the pivotal role of seamless connectivity in bolstering trade relations, Bangladesh and Nepal stressed the importance of implementing the cargo protocol under the BBIN-MVA (Bangladesh-Bhutan-India-Nepal Motor Vehicles Agreement).
In view of the forthcoming graduation of both Bangladesh and Nepal from the Least Developed Country (LDC) status by 2026, the meeting underscored potential challenges affecting market access. Collaboration was highlighted as paramount in addressing these challenges while promoting bilateral trade and fostering enhanced connectivity.
Welcoming the recent development in power sector cooperation with Nepal, Bangladesh emphasised the necessity of a secure, long-term power supply, dedicated transmission infrastructure, and comprehensive investor protection for Bangladeshi investors.
The meeting reviewed the existing bilateral Memoranda of Understanding (MoUs) pertaining to agriculture and trade-related technical regulations. Effective implementation of these MoUs was stressed to foster a favourable environment for business communities from both nations.
In a significant stride towards cooperation, Bangladesh and Nepal agreed to sign a Customs Mutual Assistance Agreement (CMMA), facilitating the exchange of customs-related data and information.
Both countries reiterated the importance of harmonising and streamlining the customs procedures to bolster trade facilitation. Efforts to simplify and expedite visa procedures for Bangladeshi businesspersons were also discussed during the meeting.
Concluding on a forward-looking note, the meeting decided to hold the next Commerce Secretary-Level Meeting in Bangladesh at a mutually convenient time.
Messenger/Fameema
