Kathmandu, Nepal (BBN)-Nepal will give preferential access to Bangladeshi readymade garments following a Memorandum of Understanding signed by the two countries.
Readymade garments are among 50 Bangladeshi products that Nepal will provide preferential treatment, reports the fibre2fashion.
A nine-member team led by Nepalese Commerce Secretary Naindra Prasad Upadhyaya and a Bangladeshi team led by Senior Commerce Secretary of Bangladesh Hedayetullah Al Mamoon signed a MoU to this effect.
The two sides decided to form a secretary level mechanism to enforce the provision, according to which at least 108 Nepali products will have duty-free access to Bangladesh.
The Nepal-Bangladesh commerce secretary-level talks also agreed to remove Technical Barriers to Trade (TBT) to expand trade volume between the two countries.
Commerce Secretary Upadhyaya said the mechanism will propose the modality on implementation of the agreement.
Upadhyaya said the two countries also agreed to take initiative to implement a previous bilateral agreement.
He said the two countries also discussed issues like promoting bilateral trade, trade facilitation, development of trade related infrastructure and removing non-tariff barriers.