In a meeting with the commerce secretary, Nepal and Bangladesh focused on completing the Preferential Trade Agreement (PTA), emphasizing its value in increasing bilateral trade between the two countries.
A news release issued here today stated that the 7th Commerce Secretary Level Meeting (7th CSLM) between Nepal and Bangladesh took place in Kathmandu on April 18–19.
Dinesh Kumar Ghimire, Secretary (Commerce and Supplies), Ministry of Industry, Commerce and Supplies, headed the delegation from Nepal, while Tapan Kanti Ghosh, Senior Secretary, Ministry of Commerce, led the team from Bangladesh.
Ambassadors from both nations were present in each delegation, along with representatives from the pertinent ministries.
Both parties anticipated that by enabling duty-free or preferential access to each other’s goods, the proposed PTA would promote increased commerce.
Additionally, it was decided that the Trade Negotiating Committee (TNC) will meet as soon as possible to finalize the product lists, Rules of Origin, and PTA wording.
The heads of the two delegations expressed their delight with the strong bilateral ties that exist between Nepal and Bangladesh. The 7th CSLM covered a range of important topics to improve trade and economic cooperation between Bangladesh and Nepal.
Bangladesh and Nepal emphasized that the cargo protocol under the BBIN-MVA (Bangladesh-Bhutan-India-Nepal Motor Vehicles Agreement) must be implemented, as they recognize the critical role that smooth connectivity plays in enhancing trade relations.
The discussion focused on possible obstacles influencing market access because Bangladesh and Nepal are scheduled to graduate from the Least Developed Country (LDC) category by 2026. The importance of working together was emphasized in order to overcome these issues, promote bilateral trade, and provide improved connectivity.
Welcoming the recent development in power sector cooperation with Nepal, Bangladesh emphasized the necessity of a secure, long-term power supply, dedicated transmission infrastructure, and comprehensive investor protection for Bangladeshi investors.
The meeting reviewed existing bilateral Memoranda of Understanding (MoUs) pertaining to agriculture and trade-related technical regulations. Effective implementation of these MoUs was stressed to foster a favorable environment for business communities from both nations.
Bangladesh and Nepal decided to sign a Customs Mutual Assistance Agreement (CMMA), which will make it easier to share data and information on customs, which is a big step toward cooperation. Both nations emphasized how crucial it is to synchronize and streamline customs processes in order to support trade facilitation. During the discussion, efforts to streamline and expedite the visa application process for businesspeople from Bangladesh were also discussed.
The discussion concluded with a decision to schedule the next Commerce Secretary-Level discussion (CSLM) for a mutually agreeable period in Bangladesh.
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