Finance
Regional Trade Agreement Cabinet approves regional trade agreement to address post-LDC transition challenges
Own Correspondent, Dhaka, May 31: To effectively address the post-LDC transition challenges, the Cabinet has approved the draft Bengali and English versions of the Regional Trade Agreement (RTA) Policy, 2022, with a view to preserving and expanding the export market.
The approval was given at a regular weekly cabinet meeting chaired by Prime Minister Sheikh Hasina at her office on Monday.
In a press briefing at the Bangladesh Secretariat, Cabinet Secretary Khandaker Anwarul Islam said Bangladesh needs to enter into trade agreements with many countries to ensure duty-free access to Bangladeshi products, besides preserving and expanding the export market by tackling the transition challenges from LDCs.
"We have taken steps for a regional trade agreement. So the policy has been adopted for this (signing the RTA)," he said.
He said the meeting also approved the draft of Bangladesh Small and Cottage Industries Corporation Act, 2022 to make the industrial establishments under BSIC more effective. The proposed law will help in the development of women entrepreneurs. The existing law of 1957 is an old one which needs to be amended.
The Cabinet also approved in principle the draft of the International Mother Language Institute (Amendment) Act, 2022 for the formation of a Language Research Trust under the International Mother Language Institute.
He said the name of the trust would be 'Bangabandhu Sheikh Mujibur Rahman Language Research Trust', under which a permanent fund would be set up.
The meeting also approved a proposal to ratify an agreement signed between Bangladesh and Oman on mutual visa exemption for holders of diplomatic, official, special or service passports.
The Cabinet also approved a proposal to provide transit facilities to Nepal, revoking its earlier decision on operating modes of transit cargo transport between Nepal and Bangladesh under the Bangladesh, Bhutan, India and Nepal Motor Vehicle Agreement (BBIN-MVA).
Regarding the government's programme to open the Padma Setu to traffic on June 25, the cabinet secretary said the bridge will be inaugurated through a grand ceremony. In addition, similar lavish events will be organized in 64 districts across the country.
