Dhaka, Bangladesh (BBN) - Bangladesh and Myanmar have agreed to start negotiation on signing a Preferential Trade Agreement (PTA) for promoting trade between the two countries.
The decision was taken at the 8th meeting of Myanmar-Bangladesh Joint Trade Commission (JTC) held in the capital Dhaka on November 9-10.
“For further promotion of trade, to be in line with WTO rules and regulation, Bangladesh proposed to have a PTA with Myanmar and Myanmar side agreed to engage in the negotiation,” Hedayedtullah Al Mamoon, Senior Secretary of Ministry of Commerce of Bangladesh, said while addressing at a joint press conference after the meeting.
Based on the consensus, Bangladesh will send a draft PTA proposal to Myanmar through the diplomatic channel, according to the secretary.
Mr. Mamoon also said that they had discussed ways how to encourage and support private sector enterprises to promote bilateral trade.
Both the parties discussed tariff-related issues, joint venture initiatives, progress in costal shipping agreements and border trade issues, the secretary added.
At the meeting, Myanmar and Bangladesh agreed to address several key areas like exploration of bi-lateral agreement for promotion of trade and commerce, facilitating border trade and banking related concerns, undertaking trade promotion measures through frequent exchange of business delegations and participation in trade fairs in each other's country, according to a joint statement.
The statement also said both countries also discussed to establish a sub-group on trade and, pursue the formation of a working group on customs matters in order to resolve immediate issues of relevance.
At meeting, Myanmar side mentioned that they would like to export rice, pulses and beans, onion, garlic, turmeric and ginger to Bangladesh, according to a joint statement.
On the other hand, Bangladesh requested Myanmar side to allow travel up to Sittwe against the border pass (visa) issued for the Bangladeshi businessperson. Myanmar side took note of the issue.
Besides, Bangladesh stressed on the road connectivity between the two countries which complements Asian Highway under the BCIM and BIMSTEC initiatives.
With reference to the memorandum of understanding (MoU) signed in 2007 on establishment of constructing direct road link through Bangladesh's Gundhurn point to Bawlibazar and Kyaktaw in Myanmar, Bangladesh side updated the status of the construction project. Myanmar side took note on it.
However, both the countries concurred that the concerned commercial banks along with central bank officials of the two countries will sit together to resolve existing bottlenecks in payments under the Asian Clearing Union (ACU) mechanism.
The commerce secretary led an 18-member Bangladesh delegation at the meeting while Permanent Secretary of the Myanmar’s Ministry of Commerce Toe Aung Myint led an 8-member delegation.
Both the countries also agreed to have another meeting in one year's time, preferably in November 2017 or convenient time for both sides in Nay Pyi Taw of Myanmar.
BBN/SSR/AD