Commerce Minister Khandakar Abdul Muktadir on Sunday said Bangladesh has resolved 48 of the 61 non-tariff trade barriers identified by the European Union, marking significant progress in strengthening bilateral trade ties and paving the way for formal talks on a Free Trade Agreement (FTA).
The remaining issues are also being addressed, he said while addressing a joint press briefing at his ministry.
The minister said preparatory discussions on an FTA and an Investment Protection Agreement with the EU, Bangladesh's largest export market, are also set to begin.
EU Ambassador and Head of Delegation to Bangladesh Michael Miller, Prime Minister’s Adviser on Finance and Planning Dr Rashed Al Mahmud Titumir, State Minister for Foreign Affairs Shama Obaed Islam and State Minister for Planning Zonayed Abdur Rahim Saki, among others, attended the briefing.
Muktadir said an EU delegation, led by Ambassador Miller, raised a number of specific barriers affecting trade with Bangladesh during a meeting in March.
Following this, the National Board of Revenue, agriculture, fisheries and livestock and shipping ministries, and other relevant agencies worked together to resolve most of the issues within a short time, he said.
Among the key issues resolved were complications over renewal of licences for 100 percent foreign-owned logistics companies, increasing the annual limit for importing commercial samples from $10,000 to $20,000, and removing customs valuation complications involving smart cards used to ensure traceability of export products.
EU support sought for LDC graduation
On Bangladesh's initiative to defer its graduation from the least developed country (LDC) category by three years, the minister said the recommendations from the UN Committee for Development Policy (CDP) and the Economic and Social Council (ECOSOC) were positive.
The matter will be placed before the 81st session of the UN General Assembly for a final decision, he said, adding that strong EU support will be important for Bangladesh.
EU responds positively to FTA proposal
EU Ambassador Miller said the European Commission has responded positively after Bangladesh formally proposed an FTA and an Investment Protection Agreement.
Joint technical discussions could begin as early as this week once the necessary approvals from EU member states are completed, he said.
Miller stressed the need for a transparent, stable and competitive business environment to deepen economic cooperation between the two sides.
He expressed hope that discussions on the proposed purchase of Airbus aircraft will move forward quickly as part of efforts to expand air connectivity and trade cooperation between Bangladesh and the EU.
Imports from US to be based on national interest
Responding to a question about imports from the United States, Muktadir said Bangladesh always considers national interests, economic rationale and public needs when making import decisions.
He said government procurement committees assess factors, including competitive prices, product quality and wastage rates, before approving imports of fuel like LNG and food grains.
Bangladesh's trade policy is not driven by the influence of any particular country, the minister said, adding that the country's economic interests and public welfare remain the basis of such decisions.