MoU signed to eliminate the technical
barrier to trade to boost bilateral trade
Nepal to give preferential market access for 150 products: Tofail
Bangladesh, in return, agrees to do the same for 100 Nepali products
STAFF REPORTER
Commerce minister Tofail Ahmed, yesterday, said that Bangladesh and Nepal have agreed to provide preferential market access to each other, for 150 products.
Nepal has agreed to provide preferential market access for 50 products to Bangladesh exporters, while Bangladesh, in return, has agreed to do the same for 100 Nepali products.
Both sides have agreed, in principle, to provide duty-free access to their respective markets, to boost trade between the countries, said Tofail Ahmed, while briefing reporters after a secretary-level meeting at the Secretariat.
Senior secretary of the commerce ministry, Hedayet Ullah Al Mamun, led the 18-member team of delegates for Bangladesh. The commerce secretary of Nepal, Naindra Prasad Upadhyaya, led the nine-member team of Nepalese delegates.
The minister said that there is a possibility of importing hydropower from Nepal, to meet the rising demand for electricity in Bangladesh, for economic development.
In FY 2014-15, Bangladesh had exported products worth USD 25.05 million, to Nepal, and imported only USD 11.50 million worth of goods.
Tofail Ahmed said Bangladesh has demanded duty-free access for 50 items, while Nepal sought the same for 100 products, to boost bilateral trade, during the third commerce secretary-level meeting that began in Dhaka yesterday.
According to sources, the products included fish, potato chips, wafers, construction materials, refrigerators, lead acid battery, garments, plastic goods, cement, tobacco, tomato sauce, and biscuits.
Besides, Nepal is highly interested in importing products by using the Bangladesh territory, roads and sea ports during transit, the minister said.
About the Bangladesh Bhutan India and Nepal (BBIN) Motor Vehicle Agreement, the commerce minister said Bhutan is yet to ratify the agreement. He expressed hope that Bhutan will ratify the agreement by this year, which was signed on June 15 in 2015, in order to boost regional and transit trade between the four neighbouring countries.
He said that the issue of tax facility was emphasised during the meeting.
A memorandum of understanding has been signed between the Bangladesh Standard Testing Institute (BSTI) and the Nepal Bureau of Standard and Metrology to remove Technical Barriers to Trade (TBT). Besides, both sides have agreed to sign a separate MoU on Sanitary and Phytosanitary Measures (SPS).
The two sides also discussed simplifying business visa procedures for Bangladeshi and Nepali business persons. The issue would be resolved through discussion with the authorities concerned, Tofail said.
Besides facilitation of cargo movement, simplification of immigration rules, introduction of Kakarvita-Panitanki-Fulbari trade way, establishment of rail connection (transport product to Nepal by Rohanpur-Singbad rail line); participation in trade fairs; expansion of the tourism industry in the two countries; Bangladeshi investment in the hydropower sector of Nepal; easing registration of pharmaceuticals products; and, agreement on a MoU on purchasing and selling in the government level, between Bangladesh Trade Corporation (TCB) and Public Trading Corporation of Nepal (PTCN).
