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Sri Lanka-Bangladesh FTA soon: Minister

12 October 2018 12:30 pm - 8     - {{hitsCtrl.values.hits}}

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Bangladesh expects to sign a Free Trade Agreement (FTA) with Sri Lanka during the tenure of the incumbent government as both countries have already completed looking into the feasibility, Bangladeshi Commerce Minister Tofail Ahmed yesterday said.

According to The Daily Star, he has disclosed this following a meeting with Minister Malik Samarawickrama in Dhaka.

“We agreed to finalise the joint feasibility study that was conducted by both countries with a view to signing the FTA between the two countries,” Ahmed said.

“After finalising the joint study, we will sign the FTA within the tenure of the current government,” he said.

The national election in Bangladesh may take place in late December or early January.

The nature of the agreement will be a little bit different as it will cover not only the duties but also the services sector and investment, Ahmed said.

Minister Samarawickrama has said the joint feasibility study has been done by the two governments and that it would be completed by the end of this October. 

Meanwhile, Bangladesh Garment Manufacturers and Exporters Association Pesident Siddiqur Rahman said a joint working committee would be formed engaging garment exporters of both countries to produce value-added apparel items for exports to European markets.

He said the formation of the committee was still at the very initial stage. When it comes to producing some garment items, Bangladesh is still very weak but Sri Lanka is strong, he said.

In those cases, Bangladesh's manufacturers will produce the basic garments and send them to Sri Lankan garment factories for more value addition under the “Made in Bangladesh” tag, said Rahman.

Moreover, Sri Lanka is in an advantageous position because of its sea ports, which are closer to European markets than Bangladesh's Chittagong port, he said, adding that Bangladesh would also use the Sri Lankan ports to its benefit.

The BGMEA leader said Sri Lanka is at least two weeks ahead in lead time compared to Bangladesh thanks to its geographical location.

A shorter lead time is very important in fast fashion as buyers always want quick shipment of goods, he added.

Rahman said a delegation from the BGMEA would hold a meeting with Sri Lankan government officials and garment traders next month.

Minister Ahmed said four direct flights between Dhaka and Colombo could be introduced by coming April to improve communication between the two countries.

Last fiscal year, Bangladesh exported goods worth $30.02 million to Sri Lanka while importing goods worth $47.80 million.

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  Comments - 8

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  • mohamed Friday, 12 October 2018 01:24 PM

    Bangladeshi = Indian version Chinees

    Scooby Doo Friday, 12 October 2018 03:54 PM

    By looking at Singapore at least we can learn from them but wonder how agreement with Bangladesh gonna turn effective.

    Musa Friday, 12 October 2018 08:18 PM

    Fool! Sri lankan (sinhalese) bangladeshi version .refer king vijaya wikipedi

    MARA Friday, 12 October 2018 01:43 PM

    Have u concluded the commission as well.. via DM Android App

    Lal Friday, 12 October 2018 02:16 PM

    How are going to get commission from FTA?

    Ghost Friday, 12 October 2018 06:05 PM

    More fodder for the JO!!!

    Harini Friday, 12 October 2018 06:10 PM

    Let me guess. We send them valuable tea products and they send us flood water?

    Musa Friday, 12 October 2018 08:14 PM

    Sorry.even before fta ratnapura and some area flooded regularly .


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.