The first round of negotiations on a proposed free trade agreement (FTA) between Bangladesh and Malaysia will begin in the capital tomorrow, with a 30-member Malaysian delegation arriving in city to participate in the discussions.
The three-day negotiations will be held at the Pan Pacific Sonargaon Dhaka, said Kamal Hossain, public relations officer of the Ministry of Commerce, today.
The proposed FTA is part of Bangladesh's efforts to secure preferential market access and strengthen trade ties with key trading partners ahead of its scheduled graduation from the least developed country (LDC) category on November 24 this year, subject to any decision to defer the transition.
Bangladesh has been pursuing trade agreements with eight to 10 countries, including Malaysia, to help maintain its export competitiveness and preserve preferential access to international markets following graduation.
As part of these efforts, Bangladesh signed an Economic Partnership Agreement (EPA) with Japan in February this year and a Comprehensive Economic Partnership Agreement (CEPA) with South Korea.
However, neither agreement has yet entered into force, as both require ratification by the respective countries' parliaments.
The proposed Bangladesh-Malaysia FTA is expected to provide a framework for discussions on expanding bilateral trade, improving market access and strengthening economic cooperation between the two countries.
The outcome of the negotiations will help determine the scope and terms of a potential agreement, reports BSS.