Bangladesh signs Preferential Trade Agreement with Bhutan

Bangladesh has signed a Preferential Trade Agreement (PTA) with Bhutan, mainly to safeguard the trade benefit after graduation from least developed country (LDC) status in 2024.

Commerce Minister Tipu Munshi and Bhutanese Economic Affairs Minister Lyonpo Loknath Sharma signed the agreement on behalf of their respective sides today.

Prime Minister Sheikh Hasina and her Bhutanese counterpart Lotay Tshering witnessed the signing ceremony, joining the event virtually from Gono Bhaban in Dhaka and Thimphu respectively.

Bhutan is the first country with which Bangladesh signed its first PTA as Bhutan was the first country to recognise Bangladesh in 1971 as an independent country.

Under the agreement, Bangladesh will enjoy duty benefit on export of 100 local products and Bhutan will enjoy duty benefit on 34 products.

In 2018-19 fiscal, Bangladesh exported goods worth $7.56 million and imported goods worth $42.09 million, according to data from the commerce ministry.