FTA signing ceremony with Singapore begins

by times news cr

Bangladesh⁤ is going to sign Free Trade Agreement (FTA) with Singapore. LDC⁣ is going to sign FTA with ​Singapore⁤ as part of tackling potential challenges after⁣ graduation.⁤ The formalities of signing ⁢the ‌agreement ​have already⁢ started. ⁤ ⁤ ‌

On ⁣Sunday (November 10), ⁣the signing ceremony‍ of​ the agreement was announced through ‌a ceremony organized⁢ in the Ministry of Commerce meeting room at the⁤ Secretariat. Trade advisor Dr. was⁢ present as ​the chief guest in the event. Saleuddin Ahmed.

In the event, the Ministry of Commerce informed that Bangladesh will be promoted from⁣ a less developed country to a developing⁢ country in 2026.​ This achievement​ will create a positive image of Bangladesh ‌in​ the world and⁢ create new opportunities for ​investment and trade as ‌well as create​ several challenges. One ​of which ⁢is the loss of ​duty-free quota-free access when⁣ exporting goods to developed and developing countries as ⁤a self-developed country.

As a result, ⁢the export products of Bangladesh will have to face the normally levied‍ duties while entering ‍the markets ⁢of ⁣those‍ countries. As a​ result, there is a possibility of shrinking ‌Bangladesh’s⁣ export market in those ‌countries, said ⁣the Ministry ‍of⁣ Commerce.
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The⁢ Ministry‌ of Commerce also said that the government⁤ has taken various plans to deal with the possible challenges after the LDC graduation in Bangladesh. In ⁣the meantime, one of the initiatives to preserve and expand Bangladesh’s export⁤ market is to enter into‌ regional trade agreements ‌with various commercially important countries and trade ⁤blocs. ⁣ ​ ‌ ​ ​

Singapore is the 32nd largest economy in the world and is an important trading partner of Bangladesh. Singapore is one of the commercial centers of the world. Singapore‌ is a ⁤trade potential⁢ area for Bangladesh trade expansion. In addition to products, ⁢there ⁤is also the ​possibility of developing ‍Bangladesh’s relations with ‌Singapore in the⁣ service ⁢and investment sectors.

In ⁣this context, with the aim ⁢of increasing​ trade⁣ and investment between Bangladesh and Singapore, initiatives have been taken‍ to sign FTA between the two countries. ⁣As part ​of this initiative,‍ Singapore ⁢and ⁣Bangladesh have conducted⁤ feasibility⁢ studies ‌on their own behalf. In⁤ continuation of this, ⁣today both countries gave the official announcement of ⁣the start of‌ negotiations.

Trade advisor ⁤in the joint announcement. Salehuddin Ahmed,​ Special Envoy for Foreign Affairs of Chief Adviser Lutfe Siddiqui,⁢ Executive Chairman ⁤of Bangladesh Investment Development Authority⁤ Chowdhury Ashiq Mahmud Bin Haroon, Secretary of Ministry of Commerce Moha. Salim Uddin, ‌Singapore High Commissioner to Bangladesh Derek Lowe, and visiting Singaporean delegation and senior officials from‌ the Ministry of Commerce⁢ were⁣ present.
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In response to a‍ question⁢ from journalists, the trade advisor said, we will sign FTA with as many countries as possible. We are⁢ trying to go to ASEAN. Singapore will⁢ help in this regard.

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How will the Free Trade Agreement influence foreign investment in⁢ Bangladesh?

Interview ⁤Between Time.News Editor and Trade Expert on⁣ Bangladesh-Singapore FTA

Time.News Editor (TNE): ⁤Welcome, Dr. ⁤Saleuddin Ahmed, a renowned ​trade advisor and expert ⁢in international economics. We are thrilled to have you with us today to discuss ⁤an important development for Bangladesh—the impending Free Trade Agreement with Singapore.

Dr. Saleuddin Ahmed (DSA): Thank you for⁢ having me. It’s⁣ a pleasure to discuss this vital step for Bangladesh’s economic future.

TNE: To kick things⁢ off, could you ⁣explain the significance of this Free Trade Agreement (FTA) for Bangladesh, especially in the context of its upcoming graduation from LDC status?

DSA: Absolutely. Bangladesh’s transition from a least developed country (LDC) ‍to a ⁤developing ‍country in 2026 marks a considerable milestone. However, this transition comes with challenges, particularly the potential loss of duty-free and quota-free access for our exports to developed nations.⁢ The FTA with Singapore is strategic; it helps us create a robust trading relationship that could⁤ offset ​some of these challenges by opening new avenues for our exports.

TNE: Interesting! How exactly will this FTA benefit the trade⁤ landscape ⁢for Bangladesh?

DSA: Singapore ⁣is not only ⁢the 32nd largest economy globally, it’s also a pivotal commercial hub in ‍Southeast Asia. By⁤ establishing an FTA, Bangladesh can enhance its export capabilities, tapping into Singapore’s advanced market. This partnership encourages trade ⁤not only in goods but also in services and ​investments, fostering a ⁢more diversified⁤ economic environment.

TNE: You mentioned potential challenges in maintaining export‍ levels post-LDC graduation. How does ​the‍ FTA address those challenges ⁢specifically?

DSA: The FTA serves as a mechanism to secure preferential trading terms⁣ that would help maintain our competitive edge. By negotiating ​zero or reduced tariffs ⁣on key exports, we’re able to minimize the impact of graduating LDC status. ‍Moreover, it establishes frameworks for other sectors, including investments, which is crucial for sustaining economic growth.

TNE: What are⁢ some ‍specific sectors or⁢ products that you ‌believe will benefit most from this agreement?

DSA: Textiles and garments continue to be our mainstay, but we are⁤ also looking at agricultural products, ⁤IT services, and pharmaceuticals as areas with significant growth potential. The FTA can potentially⁤ open doors for Bangladeshi products, enhancing visibility​ and penetration in the Singaporean market.

TNE: How⁢ is Bangladesh preparing for ‌the operationalization of this agreement?

DSA: Various feasibility studies and consultations have been undertaken to identify mutual interests. The ⁤Ministry of Commerce is actively developing⁣ strategies ⁤to engage stakeholders across⁣ sectors. This includes everything from regulatory adjustments to infrastructure improvements to facilitate ⁣smoother trade flows.

TNE: Beyond trade, ⁣are‍ there additional areas where you⁣ see Bangladeshi⁤ and Singaporean relations flourishing⁢ as a result of the FTA?

DSA: ⁤Definitely. There’s immense potential in the service sector, especially with financial⁢ services and ⁣technology transfer. Singapore’s robust financial system and advanced technology can be⁣ particularly ​beneficial for Bangladesh, aiding in our objective to modernize⁢ and enhance efficiency ‍in various industries.

TNE: ‍ As we close, what⁤ message would you like to convey to stakeholders⁢ and businesses on⁢ both sides ​regarding the ⁢FTA with ‌Singapore?

DSA: This FTA represents more than a trade agreement; it’s a ‌partnership based on mutual growth and shared interests. Businesses ​in⁤ Bangladesh should focus on understanding the new ‍market dynamics and embrace innovation, while their Singaporean counterparts should recognize the untapped potential in Bangladesh. Both sides stand⁣ to gain significantly if ​they approach this agreement with an open and cooperative mindset.

TNE: Thank you, Dr. Ahmed, for your insights on this pivotal agreement.​ It’s ‌clear that while the challenges⁤ are significant, the potential⁤ for economic growth and collaboration⁣ is equally promising.

DSA: ​Thank you for having me. I look forward to ⁤seeing​ how this‍ partnership⁢ unfolds in the coming years!

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