Bangladesh, Nepal to sign agreement on exchange of customs related data
Bangladesh and Nepal have agreed to sign a Customs Mutual Assistance Agreement (CMMA), the Ministry of Commerce said in a statement.
The seventh Commerce Secretary Level Meeting (CSLM) between Bangladesh and Nepal took place in Kathmandu on 18-19 April.
Senior Secretary of Commerce Ministry Tapan Kanti Ghosh presided over the Bangladeshi delegation at the meeting, while Dinesh Kumar Ghimire, secretary (commerce and supplies), Ministry of Industry, Commerce and Supplies, led the Nepalese delegation. Members of the relevant ministries and ambassadors from both nations were present in each delegation.
As per the announcement, the agreement will enable the exchange of Customs related data and information.
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During the meeting, both nations emphasised the significance of aligning and simplifying customs procedures to enhance trade facilitation. The forum also addressed the discussion of streamlining and expediting visa procedures for Bangladeshi businesspersons.
The statement stressed the urgent necessity of completing the Preferential commerce Agreement (PTA), underscoring its importance in enhancing bilateral commerce between Bangladesh and Nepal.
The Trade Negotiating Committee (TNC) agreed to swiftly convene in order to finalise the PTA text, Rules of Origin, and product listings.
Both parties anticipated that the proposed preferred Trade Agreement (PTA) would promote greater trade by enabling duty-free or preferred entry to each other's merchandise.
Furthermore, when discussing the recent advancements in power sector collaboration with Nepal, Bangladesh stressed the importance of having a reliable and sustainable power supply, a dedicated transmission infrastructure, and thorough measures to protect the investments of Bangladeshi companies.
In addition, Bangladesh and Nepal emphasised the significance of implementing the cargo protocol within the BBIN-MVA (Bangladesh-Bhutan-India-Nepal Motor Vehicles Agreement) to enhance economic relations by ensuring uninterrupted connectivity.
The forum addressed the possible hurdles that may hinder market access, considering that both Bangladesh and Nepal are expected to graduate from Least Developed Country (LDC) classification by 2026.Highlighting the need of collaboration in tackling these difficulties and increasing bilateral trade while fostering improved connectivity.
