Bangladesh recently has signed its first Preferential Trade Agreement (PTA) with Bhutan allowing duty free access to a range of goods between the two countries. This is the first PTA Bangladesh has signed with any country in the world.
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Key-Points
The agreement was signed on the occasion marking the 50 years of diplomatic ties between the two countries.
In 1971, Bhutan was the first country in the world, followed by India as the second, to recognise Bangladesh as an independent country.
Under the PTA 100 Bangladeshi products will get duty free access to Bhutan. At the same time, 34 items from Bhutan will get duty free access into Bangladesh. Further items can be added in the list later on the basis of discussion between the two countries.
Bangladesh is expected to sign 11 more PTAs and Free Trade Agreements (FTAs) with countries like Indonesia and Nepal by June next year.