PTA to reduce trade barriers with Bangladesh

By Sonam choki

The National Assembly this week deliberated on two International Conventions; the Preferential Trade Agreement (PTA) between the Royal Government of Bhutan and the People’s Republic Of Bangladesh, and the United Nations Convention Against Corruption (UNCAC) Amendment today.

The Preferential Trade Agreement (PTA) between Royal Government of Bhutan and the People’s Republic Of Bangladesh was introduced to the National Assembly by the Member In-Charge of the Convention, Minister for Economic Affairs while the United Nations Convention Against Corruption (UNCAC) Amendment was introduced by Minister for Foreign Affairs.

The Preferential Trade Agreement (PTA) between the Royal Government of Bhutan and the People’s Republic Of Bangladesh aims to establish a preferential trading arrangement, explore all appropriate measures to promote, facilitate, expand and diversify bilateral trade, and reduce or eliminate barriers to trade between the two countries.

The NA deliberated on and supported all the 22 Articles of the Convention. 

The United Nations Convention Against Corruption (UNCAC) has the objective to promote and strengthen measures to prevent and combat corruption more efficiently and effectively, promote, facilitate and support international cooperation and technical assistance in the prevention of and fight against corruption, including in asset recovery, and to promote integrity, accountability and proper management of public affairs and public property.

The trade agreement allows duty-free export of 16 additional products to already existing 18 products to Bangladesh. Likewise, 10 more products from Bangladesh will have duty free export to Bhutan in addition to the already 90 existing products.

The agreement was signed between the two countries in December last year.

The Preferential Trade Agreement between Bhutan and the People’s Republic Of Bangladesh aims to explore all appropriate measures to promote, facilitate, expand and diversify bilateral trade and reduce or eliminate barriers to trade between the two countries.

The economic affairs minister said that as of now, without the agreement, when the government and its leader changes, a verbal agreement is bound to change. Now with this concrete agreement between the two countries, it will help the country promote, facilitate, expand and diversify bilateral trade.

Passang Dorji (PhD), Chairperson of the Human Rights and Foreign Relations Committee, said this agreement will benefit us in terms of our economic development and strengthen our friendship among others.

The agreement will be ratified on 7th June.