Bangladesh to aggressively look for trade deals to push exports

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Bangladesh, expected to graduate from the least developed countries (LDC) category by 2026, is looking at inking several free trade agreements (FTAs). The country is also set to amend labour laws to continue to avail duty benefits on merchandise export once it comes out of the least developed country (LDC) status, the <a href="https://www.thedailystar.net/business/economy/news/govt-goes-all-out-sign-ftas-2172601">Daily Star</a> in a report said.</p>
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The country’s Commerce Secretary Tapan Kanti Ghosh told the newspaper that FTAs and preferential trade agreements (PTAs) with major trading partners are considered to be the major tool for future market access once the country graduates from a least developed to a developing nation in 2026.</p>
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<strong>Also read: <a href="https://www.indianarrative.com/economy-news/india-bangladesh-trade-agreement-likely-to-be-inked-sooner-than-anticipated-100363.html">India Bangladesh trade agreement likely to be inked sooner than anticipated</a></strong></p>
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The South Asian nation has already initiated talks with the European Union (EU) for becoming eligible for the Generalised System of Preferences (GSP) Plus after the expiry of the European GSP in 2029, for which the Sheikh Hasina administration would have to amend the existing labour law and those involving economic processing zones (EPZs) </p>
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Meanwhile, India and Bangladesh have also pressed the pedal on inking the proposed comprehensive economic partnership agreement (CEPA)</p>
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Sources earlier told India Narrative that the broader contours of the deal are ready.</p>
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“It will be signed very soon, sooner than we had expected,” a person familiar with the development said, adding that the draft was ready two months ago.</p>