Dhaka, Ankara in talks to sign FTA: Tofail

Bangladesh and Turkey are now in negotiations to sign a free trade agreement (FTA) to boost trade relations between the two countries, said Commerce Minister Tofail Ahmed yesterday.
“Turkey is Bangladesh’s important trade partner. Exports to Turkey will increase if FTA is signed with it,” he told reporters at the Secretariat after his meeting with Turkish Ambassador Devrim Ozturk.
The commerce minister also laid emphasis on easing rules of origin to make export to Turkey smoother.
Rules of origin are used to determine the country of origin of a product for the purpose of international trade.
Tofail said the two countries are also in talks to hold the meeting of joint economic commission (JEC). “This meeting will soon be held as Turkey has responded positively.”
A senior Commerce Ministry official, however, told UNB that the JEC is likely to be held in mid-November in Dhaka.
Bangladesh exported products worth US$ 720 million to Turkey in 2014-2015 fiscal year, while imported products worth $ 158.90 million during the same period, according to commerce ministry data.
The trade balance is heavily in favour of Bangladesh and the two-way trade is expected to exceed $ 2 billion soon if trade cooperation is boosted, said the Commerce Minister.
On trial of war criminals, Tofail said the trial of war criminals is going on through a ‘neutral and transparent’ process and it will continue.
Referring to recent failed coup attempt in Turkey, he said those found guilty in the failed coup attempt are now in jail and their trial is underway there through a changed policy.
The Commerce Minister said the bilateral relations between Bangladesh and Turkey will remain unhurt, and the ties will be strengthened further in the coming days.
The Turkish envoy also termed the ties between the two countries deep and strong, and said the relations will continue to grow further.
He assured that his government will consider actively two issues— easing rules of origin and signing FTA with Bangladesh.
The Ambassador said things will be finalised in the joint economic commission meeting that will be held very soon.
Senior commerce secretary Hedayetullah Al Mamoon and additional secretary (FTA) Monoj Kumar Roy were, among others, present.

Dhaka, Ankara in talks to sign FTA: Tofail

Bangladesh and Turkey are now in negotiations to sign a free trade agreement (FTA) to boost trade relations between the two countries, said Commerce Minister Tofail Ahmed yesterday. Turkey is Bangladeshs important trade partner. Exports to Turkey will increase if FTA is signed with it, he told reporters at the Secretariat after his meeting with Turkish Ambassador Devrim Ozturk. The commerce minister alsolaid emphasis on easing rulesof origin to make export to Turkey smoother. Rules of origin are used to determine the country of origin of a product for the purpose of international trade. Tofail said the two countries are also in talks to hold the meeting of joint economic commission (JEC). This meeting will soon be held as Turkey has responded positively. A senior Commerce Ministryofficial, however, told UNB thatthe JEC is likely to be held inmid-November in Dhaka. Bangladesh exported products worth US$ 720 million to Turkey in 2014-2015 fiscal year, while imported products worth $ 158.90 million during the same period, according to commerce ministry data. The trade balance is heavily in favour of Bangladesh and thetwo-way trade is expected to exceed $ 2 billion soon if trade cooperation is boosted, said the Commerce Minister. On trial of war criminals,Tofail said the trial of war criminals is going on through a neutral and transparent process and it will continue. Referring to recent failed coup attempt in Turkey, he said thosefound guilty in the failed coupattempt are now in jail and theirtrial is underway there through a changed policy. The Commerce Minister saidthe bilateral relations between Bangladesh and Turkey willremain unhurt, and the ties will be strengthened further in thecoming days. The Turkish envoy also termed the ties between the two countries deep and strong, and said the relations will continue to grow further. He assured that his government will consider actively two issues easing rules of origin and signing FTA with Bangladesh. The Ambassador said things will be finalised in the joint economic commission meeting that will be held very soon. Senior commerce secretary Hedayetullah Al Mamoon andadditional secretary (FTA) Monoj Kumar Roy were, among others, present.