Bangladesh, Nepal agree to fast-track PTA, boost trade and connectivity
Bangladesh proposed implementing the PTA initially with a limited number of products, with scope to expand gradually over time.
Bangladesh and Nepal agreed to expedite the finalisation of a Preferential Trade Agreement (PTA) and strengthen cooperation to expand bilateral trade, connectivity and economic partnership.
The developments came at the eighth commerce secretary-level meeting between the two countries, held in Dhaka on 13-14 January. The Bangladesh delegation was led by Commerce Secretary Mahbubur Rahman, while Nepal's Commerce Secretary Ram Prasad Ghimire led the Nepalese side.
Both sides expressed satisfaction over the current state of bilateral relations and reaffirmed their commitment to deepening trade and economic cooperation. A key outcome of the meeting was the decision to convene a Trade Negotiating Committee (TNC) meeting within the next three months to finalise the PTA draft text, Rules of Origin and product lists.
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Bangladesh proposed implementing the PTA initially with a limited number of products, with scope to expand gradually over time. The two countries also agreed to accelerate work on reducing tariff, para-tariff and non-tariff barriers and to enhance market access for goods.
The meeting further agreed on steps to simplify visa procedures for businesspeople, professionals and tourists, aimed at facilitating business travel and boosting trade, investment and tourism, with both countries pledging coordinated initiatives to streamline visa processes.
Other key outcomes included commitments to improve payment systems, strengthen transaction management, develop port infrastructure, expand rail connectivity, ease customs procedures and ensure effective implementation of transit facilities.
The commerce secretaries also agreed to strengthen cooperation on implementing existing memoranda of understanding, including on Sanitary and Phytosanitary (SPS) measures and Technical Barriers to Trade (TBT).
Moreover, the meeting discussed tourism development, expansion of air connectivity, investment opportunities, experience-sharing for sustainable development in the post-LDC graduation period, and the potential for enhancing Bangladesh-Nepal-India trilateral cooperation.
Both sides reiterated their resolve to further expand bilateral trade and reinforce the long-term economic partnership between Bangladesh and Nepal.
