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Preferential Trade Agreement (PTA) between Bangladesh and Bhutan is in the final stage and it is likely to be signed by August next to increase bilateral trade between the two countries.
All kinds of necessary discussions for signing the PTA have already been completed. The two countries' high officials agreed to sign the deal as they talked in a daylong video conference held on Tuesday.
A ten-member delegation of the commerce ministry of Bangladesh headed by Additional Secretary Sharifa Khan and a 14-member delegation of Bhutan headed by Director General of the Department of Trade, Bhutan Sonam Tenzin took part in the conference.
The PTA text, product list and other related issues were finalised in the conference, according to a press release of the commerce ministry.
Agreement documents will be sent to the law ministry and the cabinet division for vetting and the required approval respectively.
The commerce ministers of both the countries will jointly sign the PTA by August 30, 2020. It will be the first deal between the two countries.
Under the deal some 100 Bangladeshi products will enjoy duty-free access to the Bhutanese market. On the other, some 34 Bhutanese items will also enjoy duty free access to the Bangladesh market.
The volume of bilateral trade between the two countries is gradually expanding.
The volume of bilateral trade between the two stood at US$ 57.90 million in the fiscal year 2018-19. It was only US$ 26.52 million in the FY 2012-13.
Apparels, food items, plastics, pharmaceuticals, furniture and electrical products are being exported from Bangladesh.
Generally, Bangladesh imports chemicals, pulps, bolder stones, fruits, vegetable, etc, the press release mentioned.