By R. Hassan (Bangladesh)

 To establish a preferential trade agreement (PTA), Bangladesh's government has aimed to begin negotiations with Sri Lankan Government. Both nations desire to boost the volume of trade between themselves.

 According to the TON research team, the next stage is the formation of a trade negotiation group. A report on Sri Lanka's cabinet decision to begin negotiations with Bangladesh on a free trade agreement was made public on June 16.

 The two Sri Lanka and Bangladesh leaders met in March 2021 and stressed the importance of increased bilateral trade. A bilateral trade agreement was agreed upon, starting with a shortlist of products that may help stimulate more trade.

 PTAs and FTAs will help Bangladesh overcome its obstacles in leaving the category of least developed countries. On December 6, 2020, Bangladesh and Bhutan inked their first free trade agreement. Bangladesh designated its Minister of Commerce's Additional Secretary as the country's principal negotiator. Among the members of Bangladesh's delegation are officials from the ministries of foreign affairs, industry, and revenue and the country's Export Promotion Bureau and High Commission in Colombo (Sri Lanka). They'll coordinate their efforts with those of officials and negotiators selected by the Sri Lankan government.

The proposed PTA between Sri Lanka and Bangladesh is the country's third trade agreement with a South Asian country. Sri Lanka's bilateral trade with India and Pakistan has benefited from trade accords.

BIMSTEC, the South Asian Free Trade Area (SAFTA), the Global System of Trade Preference (GSTP), the Asia-Pacific Trade Agreement (APTA), the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), the SASEC program, and the SAARC Preferential Trading Arrangement (SAPTA) all have Bangladesh and Sri Lanka as members.

The South Asian Free Trade Agreement (SAFTA) has sought to broaden its scope by including trade in services. Research and Information System for Developing Countries (RIS), India carried out a regional study on the potential for services trade under the SAFTA agreement with inputs from national experts of each SAARC country as per the decision of SAARC 13th and 14th summits in Dhaka in 2005 and New Delhi in 2007, as well as SAFTA Ministerial Council.

When the RIS submitted the SAFTA The Draft Agreement in August 2008, the Expert Group met for the first time in November of that year. Preamble and 33 Articles make up the proposed Agreement on Trade in Services. There are a lot of similarities between this agreement and the GATS Agreement. There have been two rounds of negotiations thus far. The Expert Group on SAARC Framework Agreement on Trade in Services met for the first time on November 6 and 7, 2008, at the SAARC Secretariat in Kathmandu, Nepal, and met again on January 20 and 21, 2009, at the exact location. There will be a meeting of the SAARC Expert Group on Trade in Services on the 24th and 25th of October 2009 in Kathmandu at the SAARC Secretariat.

India, Pakistan, and Sri Lanka all have free trade agreements with the United States. Bangladesh convened an inter-ministerial meeting in August 2008 to solidify its position on bilateral free trade agreements with India, Pakistan, and Sri Lanka, which was presided over by the honorable Commerce adviser. The formation of a Core group led by BFTI CEO Dr. Mohammad Ali Taslim and including members from various important stakeholders was also decided. The committee's report was recently delivered to Secretary, MoC.

Bangladesh is a member of the Organization of Islamic Cooperation (OIC) and 57 other nations. COMCEC was created by resolving the 3rd Islamic Summit Conference in Makkah, Saudi Arabia, in January 1981. It is a standing committee for economic and trade cooperation. The committee's mandate was to monitor the implementation of Islamic resolutions in the economic and trade fields, look into ways to strengthen cooperation between Islamic countries, and prepare programs and proposals to improve Islamic states' capacities. COMCEC was established to increase trade within the Organization of Islamic Cooperation. As a result, in 1990, the OIC Member Countries signed the Framework Agreement on Trade Preferential System (TPS-OIC). Bangladesh approved the Accord after signing it in 1997.

Economic growth and job creation are aided by free trade agreements for Pakistan, which open up new markets for businesses of all sizes to benefit from increased trade and investment.

There are several benefits from these free trade agreements for Pakistan besides just lowering or eliminating tariffs. These agreements also assist remove barriers that exist behind borders, such as intellectual property laws, e-commerce regulations, and government procurement. Free trade agreements provide new markets for Pakistani firms to provide better access to a broader choice of competitively priced goods and services. Free trade agreements have the potential to improve trade and investment possibilities for developing countries such as Pakistan.