Staff Correspondent: The government is going to sign a Preferential Bilateral Trade Agreement (PTA) with Bhutan. The agreement will be signed in Dhaka on Sunday (December 6) morning. Prime Minister Sheikh Hasina and the Prime Minister of Bhutan, Lotte Schering will attend the virtual contract signing ceremony.

Commerce Minister Tipu Munshi made the remarks at a press conference at the Foreign Service Academy on Bailey Road in the capital on Saturday (December 5th) afternoon. Bangladesh's Commerce Minister Tipu Munshi and Bhutan's Economy Minister Loknath Sharma will sign the agreement on behalf of their respective countries.

At the press conference, the Commerce Minister said that the total trade between Bangladesh and Bhutan in the fiscal year 2008-09 was 12.16 million US dollars. Bangladesh exported goods worth zero point 61 US dollars and imported goods worth 12.16 million US dollars at the same time.

In the 2018-19 financial year, the trade between the two countries increased to 57.90 million US dollars. At that time, Bangladesh exported goods worth 7.56 million US dollars. At the same time, goods worth 49.09 US dollars were imported from Bhutan.

He said that boulder stone is mainly imported from Bhutan, which is playing an important role in the infrastructural development of Bangladesh. Trade (import and export) between the two countries is gradually increasing. Bangladesh is the second export market of Bhutan.

Bangladesh-Bhutan trade and economic relations are quite important. For good reason, Bangladesh has decided to sign a Bilateral Trade Agreement (PTA) with Bhutan.

The Commerce Minister said Bangladesh will move from a least developed country to a developing country in 2024. LDC graduation will reduce some of the existing trade opportunities in Bangladesh. Therefore, the government is giving more importance to the Preferential Trade Agreement (PTA) and Free Trade Agreement (FTA) to make the existing agreements with different countries timely.

He added that Bangladesh has continued bilateral talks with various countries of the World Trade Organization. Bilateral agreement with Bhutan is being finalized. Negotiations are underway with 11 more countries. Bilateral agreements with them will be completed at any time.

Tipu Munshi said this is the first bilateral preferential trade agreement in Bangladesh. After the signing of this agreement, Bangladesh will get duty free access to 100 products in Bhutan market and 34 products in Bhutan Bangladesh. The government will focus on exporting garments, plastics, jute and agricultural products from Bangladesh to Bhutan.

The Commerce Minister said Bhutan first recognized Bangladesh as an independent sovereign state on December 6, 1971. Friendly social, political, economic and trade relations between the two countries have improved over the long 50 years since the recognition.

Bangladesh's bilateral and trade relations with Bhutan have improved since the Awami League government took office in 2009. Bangladesh is going to celebrate the centenary of Mujib and the golden jubilee of independence in 2021. This Mahendrakshan is going to create a new milestone about the friendship between the two countries.