Experts and stakeholders at a workshop highlighted the importance of signing Free Trade Agreement FTA with some relevant countries is significant for Bangladesh to overcome upcoming LDC graduation challenges.
They said that the transition to a more prestigious global status may erode trade preferences, including duty-free access to key markets like the EU and FTA) would play a critical role in increasing the export competitiveness of Bangladesh in the global market, attracting foreign investment (FDI) and increasing the export of high-value products.
The Bangladesh Foreign Trade Institute (BFTI) organized the workshop titled 'Concept and Application of Free Trade Agreement (FTA)' on Tuesday at the Academic Block of the BFTI at Karwan Bazar in the capital.
Md. Selim Uddin, Secretary, Ministry of Commerce graced the event as the chief guest while Ayesha Akther, Additional Secretary (FTA), Ministry of Commerce was present as the special guest. Mohammad Navid Safiullah Chief Executive Officer (Additional Charge), BFTI and Additional Secretary (Export) Ministry of Commerce chaired the event.
Harunur Rashid, Research Manager, BFTI delivered the keynote presentation and Md. Firoj Uddin Ahmed, Joint Secretary (FTA-1) (Addl. Charge), Ministry of Commerce attended the event as a discussant, said a press release today. Commerce Secretary Md. Selim Uddin remarked that Bangladesh had already adopted the policy of executing Regional Trade Agreement (RTA) along with Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA) with various countries and regions.
Pointing out the long process of concluding FTAs, he emphasized on starting negotiations with potential trading partners to achieve sustainable export growth.
In his opening remark, Mohammad Navid Safiullah, CEO, BFTI highlighted the importance of FTAs for Bangladesh to overcome upcoming LDC graduation challenges. He stated that the transition to a more prestigious global status may erode trade preferences, including duty-free access to key markets like the EU and Free Trade Agreement (FTA) would play a critical role in increasing the export competitiveness of Bangladesh in the global market, attracting foreign investment (FDI) and increasing the export of high-value products.
He also informed that "Feasibility studies have been completed with 23 countries for the implementation of bilateral and regional PTA, FTA and economic partnership agreements (EPA).
To remove export barriers and to attract foreign investment (FDI), Bangladesh is continuing free trade agreement discussions with high-potential countries like Japan, Singapore, Malaysia, Sri Lanka, Lebanon, Morocco, Canada, the Association of Southeast Asian Nations (ASEAN), and the Eurasian Economic Union (EAEU).
The workshop was followed by an interactive question and answer (Q&A) session moderated by Mohammad Navid Safiullah, CEO, BFTI.
Participants from the Ministry of Commerce, Ministry of Industries, Foreign Service Academy Bangladesh, Ministry of Agriculture, ICT Division, Bangladesh Investment Development Authority (BIDA), National Board of Revenue (NBR), Economic Relations Division (ERD), Bangladesh Trade and Tariff Commission (BTTC), Export Promotion Bureau (EPB), Bangladesh Standards and Testing Institution (BSTI), Federation of Bangladesh Chambers of Commerce and Industries (FBBCI), Dhaka Chamber of Commerce and Industry (DCCI), Chittagong Chamber of Commerce and Industry (CCCI), Bangladesh Chamber of Industries (BCI), Bangladesh Knitwear Manufacturers and Exporters Association (BKMEA), Bangladesh Association of Pharmaceutical Industries (BAPI), Bangladesh-Malaysia Chamber of Commerce and Industry (BMCCI), Bangladesh China Chamber of Commerce and Industry (BCCCI) exchanged their thoughtful views and opinions at the event.
Navid Safiullah also moderated the interactive question and answer session.
