The government has decided to sign Preferential Trade Agreement (PTA) with Macedonia to strengthen trade between the two countries.
The commerce ministry made the decision at an inter-ministerial meeting yesterday with Commerce Secretary Mahbub Ahmed in the chair. All stakeholders attended it.
“We have decided to sign PTA (with Macedonia),” said a commerce ministry official who was present in the meeting.
In 2012, Macedonia’s High Commission in New Delhi proposed Bangladesh to sign a Free Trade Agreement (FTA).
But Bangladesh Tariff Commission’s feasibility study on FTA with
Macedonia saw no “substantial benefits.”
It rather suggested discussion on PTA with the East European country on trade in goods and services and investment.
The tariff commission said the final decision should be made after talking with appropriate stakeholders through calling inter-ministerial meeting.
“We will send a proposal to Macedonia for signing PTA,” said commerce secretary.
He said they would finalise products for trading and sectors for investment after negotiation with the Macedonian government.
Macedonia is a small economy in Europe and total annual exports amounted to $4bn in 2012 against a total import of $6.5bn.
Over the past couple of years, trades have increased between Bangladesh and Macedonia.
Official data showed Macedonia’s exports to Bangladesh increased to $3.78m in 2012 from $2.05m in 2008.
On the other hand, Bangladesh’s exports to Macedonia also reached $3.78m in 2012 from $3.31m in 2011.
Bangladesh exports knitwear, woven garments and fabrics.
On the other hand, Macedonia’s main export items are food, beverages, tobacco, textiles, iron, steel and automotive parts.
The country import machinery and equipment, automobiles, chemicals fuels and food products etc.
The European country’s gross domestic product grew at 2.84% in 2012 marking a negative trend.
In FDI inflow growth, while Bangladesh marked 33.33% increase in the January-August period of 2012, Macedonia achieved 36.36%.
