Govt to sign trade deals with EU, US: commerce secretary

Bangladesh has devised strategies for signing of deals with major trading partners to retain duty benefits even after the country's graduation to a developing country in 2026, Senior Commerce Secretary Tapan Kanti Ghosh said today.

Once the country is graduated to a developing one, the local exporters will not enjoy the duty benefit under the least developed country (LDC) category, he said.

As a result, the exporters will have to face duties from 8 per cent to 16 per cent depending on export destinations after the graduation, the secretary said.

So, the government is trying to sign free trade agreements (FTAs), preferential trade agreements (PTAs) and comprehensive economic partnership agreements (CEPA) with major trading partners, he said.

For instance, the commerce ministry has recently sent letters of interest to sign the bilateral FTA with Japan and South Korea as the two countries are considered as promising export destinations, Ghosh said.

He spoke at a national workshop on the proposed action plan of the two LDC graduation related sub-committees under the Prime Minister's Office.

The commerce ministry organised the workshop at Parjatan Bhaban in Dhaka.

Ghosh also said the negotiations are underway to sign a CEPA with India and an FTA with China so that the local exporters can enjoy duty benefit after the graduation.

Bangladesh also wants to sign trade agreements with the EU, Singapore, USA and the Regional Comprehensive Economic Partnership agreement.

Bangladesh should also try to extend the duty facility under the United Nations as well as a negotiation is underway for facility continuation for another 12 years under the World Trade Organisation, Ghosh also said.

Commerce Minister Tipu Munshi was also present at the workshop along with government high-ups, experts, businessmen, exporters and researchers.