FBCCI urges for boosting FTA, PTA
Business leaders said discipline in trade is more crucial at this stage when Bangladesh is on the verge of LDC graduation
Businessmen have urged to boost Free Trade Agreement (FTA) and Preferential Trade Agreement (PTA) with various countries and regional cooperation organisations as a preparation for the challenges Bangladesh will face in the international market after the LDC graduation in 2026, said a press release.
"We have to prepare for the LDC graduation from now. Businessmen and entrepreneurs from different sectors of Bangladesh should come forward," said MA Momen, vice president of the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), while speaking as the chief guest at the second meeting of the Standing Committee on International Affairs, International Trade Bodies, Development Partners, and Strategic Partners held on Monday at the FBCCI.
"We are organising the Bangladesh Business Summit next March to highlight the promising sectors of Bangladesh to foreign investors. The FBCCI is working tirelessly to achieve the goal of economic prosperity," he added.
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FBCCI Vice President Md Amin Helaly said, "We are on the verge of LDC graduation, so we need to start working from now to tackle the challenges. Discipline in trade is more crucial at this stage."
FBCCI is working together with the Ministry of Foreign Affairs and the Ministry of Commerce to increase international investment and trade, he added.
At the meeting, the speakers emphasised signing free trade agreements with various countries, and international organisations like the World Trade Organisation and UNCTAD to strengthen Bangladesh's position in the global trade system. Bangladesh needs to focus on developing bilateral agreements and relations to expand foreign trade.
Committee Director in-Charge Syed Moazzem Hossain said a seminar on FTA and PTA will be organised by the FBCCI soon. Cooperation and coordination with foreign business bodies and foreign investors are crucial as Bangladesh is heading towards LDC graduation.
The meeting was presided over by the chairman of the committee and former FBCCI director Md Shafquat Haider.
FBCCI Directors Hasina Newaaz, Nadia Binte Amin, Abu Hossain Bhuiyan Ranu, former directors Khandaker Ruhul Amin, Mahbub Alam, Mohammad Khokon, General Secretary Mohammad Mahfuzul Haque, Head of the International Division of FBCCI and former ambassador Masud Mannan and others were present at the programme.
