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The government has completed feasibility studies to sign free trade and preferential trade agreements with 23 countries, Commerce Minister Tipu Munshi told the Jatiya Sangsad on Monday.
Primarily, steps have been taken to initiate negotiations for signing FTAs with 10 countries and three regional alliances on a priority basis, he said, responding to a question from Kazim Uddin, lawmaker from Mymensingha 11 constituency.
These countries are India, Nepal, Indonesia, Sri Lanka, Japan, Singapore, USA, Canada, China and Malaysia.
In a bid to continue trade growth during the post-graduation period, the government is working to get market access in potential countries, the minister said.
He informed that the feasibility study was completed for signing the Comprehensive Economic Partnership Agreement (CEPA) with India, and as per the recommendations of the study, both parties have decided to start negotiations for signing the CEPA.
The government also signed an MOU with China for conducting a joint feasibility study. China has granted duty-free market access for 98 per cent products, or 8930 items, of Bangladesh with effect from September 1, the minister mentioned.
A Memorandum of Cooperation was signed with Singapore in November last year to expand trade and investment between the two countries, he said, adding that a similar process is ongoing with Japan.
"Decisions have been taken to start a joint feasibility study with Japan to sign a free trade agreement".
Responding to a question from lawmaker Mamunur Rashid Kiron, the commerce minister said that Bangladesh’s trade deficit with China stands at 19,353 million dollars in favour of China.
Bangladesh’s exports to China were 683 dollars, and its imports from China were 20720 dollars in FY22.
He also mentioned that in the same fiscal year, the country’s exports to India were worth 1991 million dollars and its imports from India were worth 13241.4 million dollars.
The minister told the House that the volume of bilateral trade with Pakistan is 996.79 million US dollars, of which Bangladesh exports 105.79 million dollars to China, whereas Pakistan’s exports to Bangladesh are 801 million US dollars.