Bangladesh gives duty-free access to 16 more Bhutanese products
Bangladesh granted duty-free access to 16 more products from Bhutan based on an earlier agreement between the two countries.
The Internal Resource Division (IRD) of the finance ministry issued an order in this regard on 4 August and it was published on Monday.
In December 2020, Bangladesh granted duty-free access to 34 products of Bhutan under a preferential trade agreement (PTA).
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According to the order, no customs duty or tax will be imposed on the import of 16 products from Bhutan, including milk, natural honey, wheat or meslin flour, jams, fruit jellies, marmalade, cement clinker, Portland cement, soap, particle board of wood, mineral water, aerated water, wheat bran and wooden furniture.
However, relevant sources of the National Board of Revenue (NBR) said Bangladesh does not import much of the products in question from Bhutan.
As a result, even if the duty is exempted, the government will not lose much revenue.
According to the terms of Bangladesh's PTA with the country, 100 products of Bangladesh will get duty-free benefits in Bhutan and 34 products of Bhutan to Bangladesh.
However, since 2010, Bangladesh has provided duty-free market facilities to Bhutan for 18 products. And 90 products of Bangladesh are getting duty free market facility in Bhutan.
The terms of the agreement have been fulfilled by granting duty-free facilities to the 16 new products.
Bangladesh mainly exports manufactured garments, food items, plastics, medicines, home furnishings and electrical goods to Bhutan. It imports vegetables and fruits, minerals, construction materials, boulder stones and chemicals from Bhutan.
