Bhutan Bangladesh Trade Agreement

Among the two multilateral free trade agreements are the South Asia Free Trade Agreement (SAFTA) and the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical And Economic Cooperation) free trade agreement, he added. According to the Ministry of Commerce, the volume of bilateral trade between the two countries amounted to about Tk 484 billion in the 2018-19 fiscal year. The minister believes this will facilitate the export of Bhutanese products beyond neighboring countries. « We hope to be able to use the seaports once we sign the agreement, » he said. 28 September 2020: Bhutan and Bangladesh have finalised draft conditions for the signing of a Preferential Trade Agreement (PTA) to increase trade between the two countries. Meanwhile, economists also felt it would be good for Bangladesh in terms of regional connectivity and trade. Under the agreement, Bhutan will grant duty-free access to 100 Bangladeshi goods, including clothing, processed agricultural products and electronics. Under the preferential agreement, a total of 100 Bangladeshi products will have duty-free access to the Bhutanese market, while up to 34 Bhutanese items will also have duty-free access to Bangladesh. « The agreement will help us improve our trade. It also helps us strengthen our relationships with our business partners, » lyonpo Loknath Sharma said. Bangladesh and Bhutan are regional neighbours. The Kingdom of Bhutan was the first country to recognize bangladesh`s independence. [1] Relationships are strong and have existed for a long time.

In recent years, the two countries have committed to establishing a strategic development partnership that includes hydropower, free trade and transport. .

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