Trade deal with US will further strengthen Bangladesh's position: Minister

Foreign Minister Khalilur Rahman has expressed hope that the recently signed Agreement on Reciprocal Trade (ART) with the US will play an important role in attracting foreign investment, strengthening energy security and strengthening the country's position in the global supply chain.

In response to a question from Gazipur-5 MP AKM Fazlul Haque Milon in the Jatiya Sangsad on Wednesday, the Foreign Minister said that under the recently signed ART agreement with the US, zero duty benefits have been ensured for ready-made garments manufactured using US cotton.

He said that this agreement will not only boost the export sector, but will also further strengthen the country's economy by increasing foreign investment.

The Foreign Minister said that the government is giving special importance to economic diplomacy to expand export markets and increase Bangladesh's participation in international trade. For this purpose, the Ministry of Foreign Affairs, Bangladesh Investment Development Authority (BIDA), Bangladesh Economic Zones Authority (BEZA), Ministry of Commerce and other relevant agencies are working in a coordinated manner.

He said that the initiative to sign Preferential Trade Agreement (PTA), Free Trade Agreement (FTA) and Comprehensive Economic Partnership Agreement (CEPA) with various countries besides the United States is continuing. Discussions on Comprehensive Economic Partnership Agreement have already started with the United Arab Emirates. At the same time, the process of free trade agreements with Malaysia, Singapore and Thailand is also progressing.

Khalilur Rahman said that in addition to the conventional markets of Europe and America, Bangladesh's commercial presence has been strengthened in the emerging markets of the Middle East, Africa, Southeast Asia, South America, Central Asia and Eastern Europe. As a result of the government's diplomatic efforts, new possibilities are also being created in the agricultural products and unconventional export sectors. Recently, opportunities for Bangladesh's potato export to the Vietnamese market have opened up and activities are underway to export mangoes to Malaysia.