DECCA, 16 September 2020, (TON): A proposal of Bangladesh – Bhutan bilateral trade agreement has recently got approval in the Bangladesh Cabinet. Bangladesh’s export to Bhutan would get a considerable boost once the two sides sign the proposed deal, said experts and exporters. Once signed, this would be Bangladesh‘s first bilateral trade agreement with any country. And Bhutan is the first country to recognize Bangladesh after the 1971 Liberation War and established trade relationship 1980 with Bangladesh. 

According to experts, this step would create new trading opportunities between the two countries. The Preferential Trade Agreement (PTA) will ensure duty-free access to the business field of both countries. 10 Bangladeshi products and 16 products made in Bhutan are chosen for this duty-free transaction facility. The number will rise after the realization of the agreement, which is hoped by the Commerce Minister of Bangladesh.

The two-way trade between Bangladesh and Bhutan was $57.9 million in fiscal 2018-19. Shams Mahmud, president of the Dhaka Chamber of Commerce and Industry, said the about the Bhutanese  market that though it is smaller compared to other countries, it still is an important market for Bangladesh.

The PTA will be proven as a strategic achievement for both countries and regional cooperation. Bangladesh is also proceeding intending to finalize trade agreements with Japan, Nepal, and Indonesia in 2020.