Finance
Hasina | Japan Visit Free trade agreement is under discussion with 11 countries: Sheikh Hasina
Dhaka, April 26: Bangladesh is negotiating with 11 countries regarding free trade agreements. Recently Prime Minister Sheikh Hasina gave this information in a special interview given to Nikkei Asia, an influential Japanese media. Bangladesh has been getting preferential tariff concessions in the export of goods to several countries of the world until now, however, that period will expire in the next three years.
Sheikh Hasina said Bangladesh will have to face a different situation when it leaves the list of least developed countries. Currently, as a less developed country, Bangladesh is exempted from export duty in trade with developed countries. Bangladesh will officially become a developing country by 2026. As a result, Bangladesh will not get the facilities it has been getting as a less developed country since that time.
Sheikh Hasina said, in such a situation, we have taken the initiative of various trade agreements. We want free trade agreements to increase trade. He also said that discussions are going on with 11 countries in this regard.
Bangladesh has limited trade agreements with some developing countries. But there is no free trade agreement. Sheikh Hasina did not name the new partners in her interview. However, it is believed that India, China and Japan are among the countries.
Bangladesh is the world's second largest garment exporter after China. Apart from the apparel sector, the Prime Minister mentioned food processing and digital equipment as promising sectors. Apart from this, he also highlighted the resources of the Bay of Bengal including fishery resources in the interview. He said, we are also thinking about how to use the Bay of Bengal for economic development.
Sheikh Hasina said, "How can we improve the country is our goal. I believe we should have good relations with all countries for development."
The Prime Minister emphasized that Japan is playing the role of a partner in the development of Bangladesh. In September 2014, then Japanese Prime Minister Shinzo Abe pledged $4.4 billion or 600 billion yen (Japanese currency) in aid during his term. Over the next seven years, Japanese aid loans rose to ¥1.65 trillion.
Bangladesh to open first metro rail and industrial park by end of 2022 with Japanese assistance. Moreover, the terminal under construction at Shah Jalal International Airport will be managed by a Japanese company. Matarbari deep sea port is also being built with the help of Japan.
