Bangladesh and China today (27 March) exchanged a draft feasibility study report for initially signing a Free Trade Agreement (FTA) between the two countries to increase trade and investment.
The two countries exchanged the report at a ceremony at the conference room of the Ministry of Commerce at Bangladesh secretariat in the city.
Senior Secretary of the Commerce Ministry Tapan Kanti Ghosh, Chinese Ambassador to Bangladesh Yao Wen and senior officials of the Ministry of Commerce, among others, were present on the occasion.
In his speech, Tapan Kanti Ghosh said Bangladesh's transition from a LDC to a developing country is a significant achievement in the economic sector.
"This achievement will create a positive image of Bangladesh in the world and new opportunities in investment and trade, but it will also create challenges," he added.
Among the challenges, he said, LDCs lose duty-free quota-free access to the developed and developing countries after 2026 and rate of value addition.
As a result, the export products of Bangladesh will have to face the generally imposed duties when entering the market of those countries, he added.
There is a possibility of shrinking the export market of Bangladesh in those countries, he said adding FTA will help to promote the export of Bangladeshi products.During the visit of the President of China to Bangladesh on 14-15 October in 2016, a memorandum of understanding was signed regarding the joint feasibility study of the signing of the FTA between Bangladesh and China.
