Several FTAs up for early signing to facilitate trade

Negotiations for inking free-trade agreements (FTAs) with a number of countries are ripe, officials say, while deal-feasibility studies with scores of others get underway.

The ministry is planning to begin feasibility study soon aiming to sign FTA with Turkey and Nigeria, among others, they added.

According to a senior commerce ministry official, the ministry recently decided to send a letter to Nigeria for conducting a joint feasibility study.

Also, he said, a recent meeting at the ministry discussed the work plan to sign FTA with Turkey.

Officials concerned at the meeting have been asked to conduct a feasibility study and take next steps for signing FTA with Turkey, an important trading partner of Bangladesh.

Sources have said a feasibility study on Bangladesh-Mauritius FTA has been conducted and a validation workshop was held recently.

The officials have been asked to go forward with steps for striking a deal.

The meeting also discussed the work plan to sign Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates. Sources said officials were asked to take preparation for holding first round of negotiations for signing CEPA with the wealthy Arab country.

Bangladesh wants to hold soon the first round of FTA negotiations with Malaysia in Dhaka. The terms of reference of the negotiations have been sent to Malaysia recently.

The first round of negations for signing EPA between Bangladesh and South Korea took place in Seoul recently, officials said. Commerce ministry officials concerned have been asked to take preparation to hold the second round of negotiations.

The ministry of commerce recently formed a technical team to discuss accession of Bangladesh to the Regional Comprehensive Economic Partnership (RCEP). The technical team has been asked to decide Bangladesh's strategic position after setting a date for meeting with the RCEP secretariat.

Sources say the second round of negotiations between Bangladesh and Singapore on FTA was held recently. Now the ministry of commerce is taking preparation for the third- round negotiations.

"We plan to conclude a number of FTAs before Bangladesh's LDC graduation," a senior commerce ministry official told The Financial Express.

"Because," he said, "after the graduation completes in November next year, Bangladesh will lose tariff preferences in many developed countries and exports there will face severe competitions."

He said the EPA with Japan may be signed in coming December as formal negotiations have completed successfully.

Also, he said, the European Union is a major market for Bangladeshi goods. Efforts are there to sign FTA with the EU to enhance trade.

syful-islam@outlook.com