Bangladesh intends to reduce trade deficit with Thailand

Bangladesh placed a proposal to Thailand of signing a free-trade agreement (FTA) at the Joint Economic Commission meeting in Dhaka recently to minimise the trade deficit and boost export to the Southeast Asian country.

Commerce Minister Tofail Ahmed said it on Monday while speaking as a chief guest at the inauguration ceremony of the four-day Thai trade show at a city hotel.

The trade show, "Thai Week-2018", is organised by the Royal Thailand Embassy in Dhaka, as per a BSS report.

"Bangladesh has taken the initiative of signing FTA to boost up export to Thailand," said the minister.

Currently, Thailand is offering duty-free access to 6,998 Bangladeshi products to their country and bilateral trade volume has reached to $2 billion.

Tofail said Bangladesh has sought duty free access or minimal duty facility to Thailand for jute products and readymade garments.

Noting that a huge number of people visit Thailand for recreation, medical and business purposes, he said Bangladesh has requested the Thai government to ease the visa procedure as well.