After looking into the feasibility, Bangladesh expects to sign a Free Trade Agreement (FTA) with Sri Lanka during the tenure of the incumbent government.
“We agreed to finalize the joint feasibility study that was conducted by both countries with a view to signing the FTA between the two countries and after finalizing the joint study, we will sign the FTA within the tenure of the current government,” Commerce Minister; Tofail Ahmed said.
The agreement will cover not only duties but also the services sector and investment. Joint feasibility is expected to be completed by the end of this October.
Siddiqur Rahman; the President of BGMEA (Bangladesh Garment Manufacturers and Exporters Association) stated: “A joint working committee would be formed engaging garment exporters of both countries to produce value-added apparel items for exports to European markets.”
“Bangladeshi manufacturers will produce the basic garments and may send them to Sri Lankan factories for value addition under the ‘Made in Bangladesh’ tag and the country would also use Sri Lankan ports to its benefit,” he added.
For more information visit: https://www.textiletoday.com.bd/bangladesh-sri-lanka-sign-fta-soon/
(Image taken from Textiles Today)