Bangladesh and Bhutan signed a transit agreement with the aim of boosting trade using each other's land.
As a result of this, Bhutan will be able to import and export trade with third countries using the water, land and air routes of Bangladesh with a fixed fee. And in the future, if Bhutan has a direct road connection with China, then Bangladesh will be able to trade with China through Bhutan in this transit facility.
The agreement titled 'Protocol of the Agreement on the Movement of Traffic in Transit between Bangladesh and Bhutan' was signed in Thimphu, the capital of Bhutan, on Wednesday (March, 22). Commerce Minister, Tipu Munshi on behalf of Bangladesh and Karma Dorji, Minister of Industry, Commerce and Employment on behalf of Bhutan, signed the agreement.
According to a press release of the Ministry of Commerce, Commerce Minister Tipu Munshi expressed his optimism at the signing ceremony that the trade and commerce of the two countries will become easier as a result of this agreement.
Bangladesh signed a Preferential Trade Agreement or PTA with Bhutan on December 6, 2020. Under the agreement, both countries are supposed to provide duty-free benefits for several products.
Bangladesh signed a Preferential Trade Agreement or PTA with Bhutan on December 6, 2020. Under the agreement, both countries are supposed to provide duty-free benefits for several products.
In the financial year 2008-09, the bilateral trade between the two countries was 12.16 million US dollars; which gradually increased to 57.90 million US dollars in the financial year 2018-19.
Bangladesh mainly exports ready-made garments, food items, plastics, medicines, home furnishings, electrical goods to Bhutan. Bangladesh imports vegetables and fruits, minerals, construction materials, boulder stones, pulp, chemicals from Bhutan.
