Bangladesh is likely to witness major challenges towards negotiating FTAs or free trade agreements with both developed and developing nations.
Media reports maintained this citing the sources even as it underlined that as per the subcommittee on ‘preferential market access and trade agreement’, the challenges that Bangladesh might face issue towards signing FTAs with developing nations on account of lack of export-product diversification while in case of developed nations, difficulties could surface, pertaining to commitment in areas like trade in services, labour rights, investment, Government procurement.
Reports further added a study group, led by former member of Bangladesh Tariff Commission Dr. Mostafa Abid Khan, prepared a document in this regard, which the Commerce Ministry has now sent to other concerned ministries and departments for their opinion even as the study added new-generation agreements on free-trade area require reduction in tariffs on at least 90 per cent of total bilateral trade within 10 years alongside elimination of non-tariff duties and taxes.
