Bangladesh and Bhutan have shown ‘mutual commitment’ to take the bilateral relations to a new height by singing the landmark Preferential Trade Agreement (PTA), Foreign Minister Dr AK Abdul Momen said.
He said the “PTA does not only emphasise our common priority of economic development, but also symbolises our mutual commitment to carry forward our bilateral relations to a new height.”
The first of its kind trade deal for Bangladesh was signed on Sunday, the historic December 6 when Bhutan recognised independent Bangladesh in 1971.
Commerce Minister Tipu Munshi said the bilateral trade would grow by 15 percent with the PTA. "In five years, the volume of trade (between Bangladesh and Bhutan) will be doubled," he told reporters after signing of the agreement.
The signing of the deal marks the 50th anniversary of bilateral and diplomatic relations between the countries.
Prime Minister Sheikh Hasina, Bhutanese Prime Minister Dr. Lotay Tshering, Foreign Minister of Bhutan Tandi Dorji, and Economic Affairs Minister of Bhutan Loknath Sharma were also connected virtually.
“We are also reviving our history by choosing the date of 06 December for this programme, the very day when Bhutan, as the first foreign country, recognised Bangladesh in 1971 as an Independent and sovereign country,” foreign minister Dr Momen said.
“Let me take the opportunity to express our gratitude to the pioneering leader of Bhutan, His Majesty Jigme Dorji Wangchuk who contributed so significantly to our cause and greatly supported us during our struggle for independence. We proudly recall that our Father of the Nation Bangabandhu Sheikh Mujibur Rahman maintained excellent relations with the King of Bhutan His Majesty Jigme Singe Wangchuk,” he said.
“Today, it is our humble attempt to reminisce about their legacy, their vision and teachings. On this occasion, I pay rich tribute to our great and visionary forefathers.”
He said: “We might have different ways and means but we share a common goal - economic prosperity and social development!”
“Today, Bangladesh and Bhutan share a wide range of bilateral relations. We exchange high level bilateral visits, share robust trade relations, and cooperate on many areas including education, health, shipping, ICT and agriculture sector. We also aspire to enhance our regional and sub regional cooperation for greater connectivity in the region.
“I am hopeful that the two countries would fully utilize the scope of the agreement signed today. I invite the business communities of both countries to take advantage of this PTA,” said Dr Momen.
“This agreement will also help bilateral trade to further flourish by making use of the links through waterways being provided by Bangladesh to Bhutan.”
Under the agreement, 100 Bangladeshi products, including RMGs, will get duty-free access to the Bhutanese market while 34 Bhutanese items will have duty-free access to Bangladesh's market, according to the Bangladesh commerce ministry.
The two-way trade between Bangladesh and Bhutan was only $49.6 million in the fiscal year of 2019 with $42.09 million Bhutan’s export.
