Bangladesh has signed its first Preferential Trade Agreement (PTA) with Bhutan. The agreement was signed on the occasion marking the 50 years of diplomatic ties between the two countries.
- The PTA, signed on December 6, 2020 allows duty free access to a range of goods between the two countries.
- This is the first PTA Bangladesh has signed with any country in the world.
- The agreement between Bangladesh Commerce Minister Tipu Munshi and Bhutan’s Economic Affairs Minister Lyonpo Loknath Sharma in Dhaka.
- In 1971, Bhutan was the first country in the world, followed by India as the second, to recognise Bangladesh as an independent country.
- Under the PTA 100 Bangladeshi products will get duty free access to Bhutan.
- At the same time, 34 items from Bhutan will get duty free access into Bangladesh. Further items can be added in the list later on the basis of discussion between the two countries.
- The trade volume between the two countries is approximately 50 million dollars with 7.56 million of export and 42.09 million import into Bangladesh.
(Source: AIR)
