Source: fibre2fashion
This is as per reports, which added this significant development marks Bangladesh’s inaugural PTA, as the country previously lacked any free trade agreements (FTA) with other nations.
The successful implementation of the PTA with Bhutan has garnered positive outcomes, particularly evident in Bangladesh’s export figures, which soared to $9.5 million in FY22, surpassing previous records.
Economists hailed the PTA’s success with Bhutan as a pivotal milestone, emphasising its potential for replication in agreements with other countries.
Khondaker Golam Moazzem, research director at the Centre for Policy Dialogue (CPD), underscored the necessity of such agreements in the contemporary global landscape, noting the myriad advantages they offer to businesses.
With Bangladesh poised to transition from a least developed country (LDC) to a developing nation in 2026, Moazzem advocates for the prioritisation of FTAs and PTAs with neighbouring countries to offset potential trade benefits lost post-transition.
The PTA with Bhutan, signed on 6 December 2020 and enacted on 1 July 2022, facilitates duty-free access for numerous products from both nations, fostering bilateral trade relations.
