Greater trade access with Myanmar
IT is a welcome move that Bangladesh and Myanmar have agreed to sign a Preferential Trade Agreement (PTA) following the WTO rules of business to promote bilateral trade between the two close neighbours. We must say the move would have come much before given the proximity with common border and growing scope of coastal shipping connectivity to accelerate trade both in volume and value from both sides.
The issue dominated the 8th meeting of the Joint Trade Commission (JTC) of the two counties held on last Tuesday and Wednesday at Sonargaon Hotel in the city. It appears that both sides have agreed to set up a sub-group on trade and another working group on tariff and customs in order to create the framework for growing preferential trade. They have also agreed to encourage private sector to promote bilateral trade, particularly to promote border trade and improve banking facilities to easily settle trade bills from both sides.
We know that bilateral trade between the two countries has immense potential to grow to the benefit of both the nations, but many misgivings and trust deficit so far left both the countries away from exploring the best business potentials to create the new environment for closer socio-economic cooperation. There is no denying of the fact that the Rohingya crisis in Myanmar had overshadowed the warming up of the relation in the past under long years of military junta. Myanmar remained engaged with the crisis again in recent time although Bangladesh had expected that with the return of democracy in Myanmar under the leadership of Nobel Laureate Aung San Suu Kyi, the new NLD government would give priority to warming up of relations with Bangladesh.
There is no doubt that the JTC meeting in Dhaka showed things are slowly moving in that direction and we must say, Rohingya crisis must end as Suu Kyi has already taken the initiative so that greater regional cooperation is not losing ground for an unfortunate ethnic war on Bangladesh border. We know that Yangon was once the next close business hub for Bangladesh traders using Chittagong port. Myanmar is now achieving faster economic growth and it needs closer trade relations more than any other time with Bangladesh.
Moreover, the country holds the key to South Asia’s land route connectivity with East Asia and particularly with China. In fact road and railway link with China through Myanmar may open a new business corridor such as being now planned under BCIM regional framework. There is no way now we can ignore closer connectivity and greater trade through this corridor. We should have been enjoying free trade agreement with Myanmar but we are happy if it starts even with preferential trade agreement now. In our view sooner it happens the better for all.
The issue dominated the 8th meeting of the Joint Trade Commission (JTC) of the two counties held on last Tuesday and Wednesday at Sonargaon Hotel in the city. It appears that both sides have agreed to set up a sub-group on trade and another working group on tariff and customs in order to create the framework for growing preferential trade. They have also agreed to encourage private sector to promote bilateral trade, particularly to promote border trade and improve banking facilities to easily settle trade bills from both sides.
We know that bilateral trade between the two countries has immense potential to grow to the benefit of both the nations, but many misgivings and trust deficit so far left both the countries away from exploring the best business potentials to create the new environment for closer socio-economic cooperation. There is no denying of the fact that the Rohingya crisis in Myanmar had overshadowed the warming up of the relation in the past under long years of military junta. Myanmar remained engaged with the crisis again in recent time although Bangladesh had expected that with the return of democracy in Myanmar under the leadership of Nobel Laureate Aung San Suu Kyi, the new NLD government would give priority to warming up of relations with Bangladesh.
There is no doubt that the JTC meeting in Dhaka showed things are slowly moving in that direction and we must say, Rohingya crisis must end as Suu Kyi has already taken the initiative so that greater regional cooperation is not losing ground for an unfortunate ethnic war on Bangladesh border. We know that Yangon was once the next close business hub for Bangladesh traders using Chittagong port. Myanmar is now achieving faster economic growth and it needs closer trade relations more than any other time with Bangladesh.
Moreover, the country holds the key to South Asia’s land route connectivity with East Asia and particularly with China. In fact road and railway link with China through Myanmar may open a new business corridor such as being now planned under BCIM regional framework. There is no way now we can ignore closer connectivity and greater trade through this corridor. We should have been enjoying free trade agreement with Myanmar but we are happy if it starts even with preferential trade agreement now. In our view sooner it happens the better for all.
