Bangladesh Bilateral Trade Agreements

As a developing economy, Bangladesh has been looking for ways to boost its foreign trade and commerce. One of the ways it`s doing this is through bilateral trade agreements with other countries.

A bilateral trade agreement, also known as a free trade agreement, is a type of accord between two nations that aims to boost economic cooperation and trade liberalization between them. Such agreements typically seek to remove trade barriers, including tariffs, quotas, and other restrictions, in order to facilitate trade between the two parties.

Bangladesh has signed several bilateral trade agreements over the years, which have helped to spur its economic growth, increase its trade volume, and provide more opportunities for its businesses and industries. Here`s a closer look at some of these trade agreements and their impact on the country:

China-Bangladesh Free Trade Agreement (CBFTA)

The CBFTA was signed between Bangladesh and China in 2006, making it the country`s first bilateral trade agreement. The agreement aimed to reduce or eliminate tariffs on a range of goods and services between the two countries. Since the agreement came into effect, bilateral trade between China and Bangladesh has increased significantly, with China becoming Bangladesh`s largest trade partner.

India-Bangladesh Free Trade Agreement (IBFTA)

The IBFTA was signed in 2009, with the aim of reducing trade barriers between the two countries. The agreement has helped to increase bilateral trade, with India becoming one of Bangladesh`s top trade partners. The agreement covers a range of products, including textiles, agricultural goods, and pharmaceuticals.

Iran-Bangladesh Preferential Trade Agreement (PTA)

The PTA was signed in 2015, aimed at promoting trade in goods and services between the two countries. The agreement offers tariff concessions on several items, including copper, iron ore, fruits, and vegetables. The agreement has the potential to boost traditional trade items between the two countries.

Sri Lanka-Bangladesh Free Trade Agreement (SLBFTA)

The SLBFTA was signed in 1993, aimed at promoting bilateral trade and investment between the two countries. The agreement covers a wide range of products, including tea, apparel, pharmaceuticals, and agricultural products. The agreement has helped to expand and diversify trade between the two countries.

Conclusion

Bilateral trade agreements have played a significant role in Bangladesh`s economic development and trade growth. By reducing or eliminating trade barriers, they have helped to create more opportunities for businesses and industries in the country, while also increasing trade volume and value. With the signing of more bilateral trade agreements in the future, Bangladesh can look forward to further boosting its foreign trade and economic growth.

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