48 Non-Tariff Barriers Resolved in EU Trade, 13 More Under Process
Bangladesh has effectively resolved 48 non-tariff barriers to bilateral commerce with the European Union, with 13 additional issues presently being handled. This report was provided by Commerce Minister Mr. Khondaker Abdul Muktadir during a press conference on Sunday at the Ministry of Commerce in Dhaka after meeting with a group of EU officials. According to the minister, 48 of the EU’s previous concerns about bilateral trade obstacles have been effectively resolved, and procedures are in place to handle 13 more.
Bangladesh has applied to the EU for official help to extend its transition path out of the Least Developed Country category by three years. The minister of trade expressed hope that the EU will support the idea, stating that he believes the policy would eventually be accepted no matter whether a formal vote or agreement is used. The call for EU collaboration in support of the request was prompted by the fact that Bangladesh’s graduation delay application will be decided at this month’s 81st session of the UN General Assembly.
Initiatives to start official talks to negotiate a free trade agreement with the European Union are also moving forward. According to the Ministry of Trade, official negotiations for an FTA with the EU are expected to start soon. This action demonstrates both business partners’ continued dedication to improving economic cooperation and accelerating bilateral market access when current trade barriers are removed.
