Free Trade Agreement Eu Bangladesh

Posted by on Apr 9, 2021 in Uncategorized | 0 comments

The Minister of State for Trade expressed the country`s interest when he was recently called by a new ambassador from non-resident Argentina (based in New Delhi). The Argentine ambassador, whose country is the current president of this trading bloc, has promised full cooperation in this regard. Bangladesh has been a member of the WTO since 1995 and, as the least developed country, benefits from the EU`s “Everything but Arms” regime, which grants duty-free access to all exports except arms and ammunition. Bangladesh must be prepared and continue to lobby major trading partners for free trade agreements, as preference erosion will significantly affect trade after the gradation of the least developed countries. Free trade agreements now play an important role in the global trading system, as the prospects for multilateral trading systems in the WTO begin to narrow. There are more than 200 such agreements in the world. Why should Bangladesh be lagging behind? Until recently, the country has shown great interest in signing a free trade agreement with the South American trade bloc MERCOSUR in order to penetrate the sub-fermented South American market. Below is a list of eu`s trading partners, which contain links to the respective original protocols. “Extensive product coverage under the EPZ means that the agreements are almost free trade agreements [FTAs],” he said. China`s apparel sector is 80 years old, while business in Bangladesh only started 40 years ago, he said. “So it makes sense to extend the commercial privilege for us,” he said. In addition, Bangladesh must ratify the 27 UN conventions for the EU Trade Mechanism. About 74% of Bangladesh`s export earnings are considered LDCs in preferential trade.

64% of the share comes from the EU and 10% from Japan, Canada and other industrialized countries. Bangladesh has not yet signed a single free trade agreement. The signing of such an agreement is of great importance to the country. In the past, many discussions have taken place with many countries on this subject, but the free trade agreement remains elusive. Trade economists have proposed that the government sign a free trade agreement with the European Union, rather than targeting the GSP Plus for the pursuit of trade privilege after grading to developing countries in 2027. The rules of origin for a country`s products are set out in a protocol on origin attached to the specific agreement between the EU and the country concerned. But the EU can lift trade privilege at any time. It is therefore better to sign the free trade agreement with the EU.

Analysts have also proposed a free trade deal with the UK as soon as Brexit negotiations are concluded. Not only has the EU and Bangladesh also asked the United States for commercial facilities, since the government has already set up a special commission to attract more American investment to that country. A Commerce Department official, who denies the government`s inertia in signing free trade agreements, said they were now looking for ways to sign preferential trade agreements with trading partners.