BD, Bhutan eye expanded trade, possible FTA

Bangladesh and Bhutan on Tuesday agreed to enhance bilateral trade and strengthen private sector cooperation, while exploring the possibility of expanding product coverage under the Bangladesh-Bhutan Preferential Trade Agreement (PTA) and negotiating a Free Trade Agreement (FTA).

The issues were discussed at the Fourth Foreign Office Consultations (FOC) between the governments of Bangladesh and Bhutan held in Dhaka, according to the Ministry of Foreign Affairs.

The meeting was co-chaired by Foreign Secretary Asad Alam Siam and Bhutanese Foreign Secretary Pema Lektup Dorji.

The meeting was held in a warm, cordial and constructive atmosphere and provided an opportunity to review the full range of bilateral relations.

The two sides also exchanged views on cooperation at the regional and multilateral levels on matters of mutual interest.

Both sides reaffirmed their longstanding bonds of friendship, trust and mutual respect and expressed satisfaction at the steady progress of bilateral cooperation over the years across a wide range of areas, including political affairs, trade and investment, connectivity, education, health, culture, tourism, agriculture and people-to-people exchanges.

The two sides agreed to further strengthen high-level political engagement and regular consultations between the two governments.

They emphasised the importance of translating the existing goodwill and political understanding into tangible outcomes for the peoples of both countries.

Expanded cooperation in culture, tourism, agriculture, human resource development, academic cooperation, institutional linkages, youth exchanges and sports was also reiterated, said the Ministry of Foreign Affairs.

Bangladesh expressed support for and interest in the Gelephu Mindfulness City (GMC) initiative and welcomed its potential to promote sustainable development, regional connectivity and shared prosperity. It also expressed interest in exploring opportunities for mutually beneficial cooperation.

Bangladesh reiterated the need to expedite the operationalisation of the Bhutanese Special Economic Zone in Kurigram.

Both sides exchanged views on strengthening regional cooperation under the South Asian Association for Regional Cooperation (SAARC) and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) to promote greater regional integration.

Both sides expressed satisfaction with the outcome of the fourth FOC and reaffirmed their commitment to further deepening the close and mutually beneficial Bangladesh-Bhutan partnership.

The next FOC will take place in Thimphu at a mutually convenient date and time.