Wednesday March 21, 2018 07:04 PM

Bangladesh to sign FTA with Sri Lanka

  • Published at 04:48 PM February 12, 2017
  • Last updated at 06:08 PM February 12, 2017
Bangladesh to sign FTA with Sri Lanka

The trade balance has not been in Bangladesh's favour since 2012-13

Commerce Minister Tofail Ahmed has said the government will sign free trade agreement (FTA) with Sri Lanka soon to boost bilateral trade.

“The proposal is now being discussed at the secretary level,” he said after meeting Sri Lanka High Commissioner Yasoja Gunasekera on Sunday.

Tofail said the FTA deal would allow Bangladesh use the Colombo port, that would save three days for local importers or exporters.

“We will be able to export pharmaceuticals, paper and cement at low import duties after the FTA is signed,” he added.

High Commissioner Gunasekera said the deal would help increase bilateral trade between the two countries.

The bilateral trade volume was just $75.45 million in 2015-16. During this period, Bangladesh’s trade deficit $15.55 million.

Since 2012-13, the trade balance has been in Sri Lanka’s favour.

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