Bangladesh and India are preparing to initiate discussions on a free trade agreement (FTA) to bolster economic ties between the two nations. The discussion took place during an official-level meeting of the Joint Working Group on Trade (JWG) in Dhaka. Topics addressed included the removal of port restrictions, groundwork for the Comprehensive Economic Partnership Agreement (CEPA), harmonization of standards, mutual recognition of standards, and the supply of essential commodities to Bangladesh.
CEPA represents a type of FTA where both trading partners significantly reduce or eliminate customs duties on a wide range of traded goods, while also easing regulations to promote services trade and investments. The meeting also covered topics related to infrastructure development, regional connectivity through multi-modal transportation, and the enhancement of infrastructure in Land Customs Stations/Integrated Check Posts and border haats.
Bilateral trade between the two countries reached $14.2 billion in 2022-23, showing significant growth from $8.13 billion in 2021-22. Business professionals should monitor the progress of these FTA talks, as they could have a significant impact on trade and economic relations between Bangladesh and India.
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