Bangladesh and Nepal have discussed ways to strengthen bilateral trade and economic cooperation, focusing on finalising a Preferential Trade Agreement (PTA), easing visa facilitation and reducing tariff and non-tariff barriers.
The issues were discussed at the 8th Commerce Secretary-level Meeting between the two countries held at a city hotel in Dhaka from January 13–14.
The Bangladesh delegation was led by Commerce Secretary Mahbubur Rahman while the Nepal side was headed by Commerce Secretary Dr Ram Prasad Ghimire.
During the meeting, both sides reviewed ways to increase market access for goods from both countries, facilitate payment systems and strengthen reliable transaction mechanisms to boost bilateral trade.
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The commerce secretaries also discussed development of port infrastructure, expansion of rail connectivity, simplification of customs procedures and effective implementation of transit facilities to reduce trade costs and improve connectivity.
Special emphasis was given to the early finalisation of the Bangladesh-Nepal PTA.
Both sides underscored the need to conclude the draft text, Rules of Origin and product lists through the Trade Negotiating Committee (TNC) within the next three months.
Visa facilitation for businesspersons, professionals and tourists was another key agenda item, with both countries agreeing to take concerted steps to simplify and expedite visa procedures to enhance trade, investment and people-to-people contacts.
The meeting also agreed on closer cooperation to address non-tariff barriers, streamline product testing and certification processes, and expand bilateral trade through improved logistics and customs facilitation.
Both sides expressed satisfaction over the existing excellent bilateral relations and reaffirmed their commitment to further deepening economic partnership through enhanced connectivity, trade facilitation and market access.
With a view to strengthening bilateral trade, both sides discussed organising trade fairs and exhibitions, as well as exchanging business delegations at the government-to-government (G2G) and business-to-business (B2B) levels.
They agreed to hold regular trade fairs, exchange market information, undertake capacity-building initiatives and enhance cooperation at the micro, small and medium enterprises (MSME) level.
It was also agreed that the 9th Commerce Secretary-level Meeting would be held in Nepal at a mutually convenient time.