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Dhaka eager to sign FTA with Eurasian Economic Union

Fibre2Fashion - 12 January 2022

Dhaka eager to sign FTA with Eurasian Economic Union

Bangladesh has formally conveyed to the Eurasian Economic Union (EAEU) its intent to sign a free trade agreement (FTA) as the country prepares for a socioeconomic status change. The proposal was made recently amid a cue from the Eurasian Economic Commission (EEC), which could seek concurrence of its member-states—Russia, Belarus, Kazakhstan, Armenia and Kyrgyzstan.

These five Eastern European countries have over $1.5 billion annual bilateral trade with Bangladesh, which, Bangladesh commerce ministry officials think, can rise manifold if an FTA is inked.

Bangladesh and the EEC signed a memorandum of cooperation in Moscow in May 2019 to take forward bilateral trade. Later, a working group was formed to enhance trade and economic cooperation in 19 sectors.

The first meeting of the working group was held in November last in Moscow, with the Bangladesh side led by commerce ministry additional secretary Noor Mohammad Mahbubul Haq while the EEC side headed by its board member Sergey Glaziev.

In the meeting, Bangladesh expressed interest in concluding an FTA with the EAEU and the EEC suggested sending a formal proposal in this regard, according to Bangla media reports.

In fiscal 2019-20, Bangladesh exported goods worth $398 million to EAEU member states while imports from there were worth $1.106 billion.

 source: Fibre2Fashion