Dhaka: Bangladesh and Nepal have engaged in discussions to enhance bilateral trade and economic cooperation, with a primary focus on finalizing a Preferential Trade Agreement (PTA), simplifying visa facilitation, and reducing both tariff and non-tariff barriers.
According to United News of Bangladesh, these discussions took place during the 8th Commerce Secretary-level Meeting between the two countries, held at a hotel in Dhaka from January 13-14. The meeting brought together a delegation from Bangladesh led by Commerce Secretary Mahbubur Rahman and their counterparts from Nepal headed by Commerce Secretary Dr. Ram Prasad Ghimire.
During this meeting, both parties explored various strategies to increase market access for goods from both nations, facilitate payment systems, and strengthen reliable transaction mechanisms to boost bilateral trade. The discussions also covered the development of port infrastructure, expansion of rail connectivity, simplification of customs procedures, and effective implementation of transit facilities to reduce trade costs and improve connectivity.
A significant emphasis was placed on the early finalization of the Bangladesh-Nepal PTA. Both sides stressed the importance of concluding the draft text, Rules of Origin, and product lists through the Trade Negotiating Committee (TNC) within the next three months. Visa facilitation for businesspersons, professionals, and tourists was another key agenda item, with both countries agreeing to take steps to simplify and expedite visa procedures to enhance trade, investment, and people-to-people contacts.
The meeting also resulted in an agreement on closer cooperation to address non-tariff barriers, streamline product testing and certification processes, and expand bilateral trade through improved logistics and customs facilitation. Both sides expressed satisfaction with the existing bilateral relations and reaffirmed their commitment to deepening economic partnerships through enhanced connectivity, trade facilitation, and market access.
In an effort to further strengthen bilateral trade, they discussed organizing trade fairs and exhibitions, as well as exchanging business delegations at government-to-government (G2G) and business-to-business (B2B) levels. They agreed to hold regular trade fairs, exchange market information, undertake capacity-building initiatives, and enhance cooperation at the micro, small, and medium enterprises (MSME) level.
The two countries also agreed that the 9th Commerce Secretary-level Meeting would be held in Nepal at a mutually convenient time.