DHAKA, Jan 23, 2018 (BSS) - Bangladesh and Indonesia will sign Joint Ministerial Statement (JMS) this month for the Preferential Trade Agreement (PTA) towards removing trade barriers.
"Commerce ministers of both the countries will sign the JMS during the visit of Indonesian President to Bangladesh in the end of this month," Commerce Minister Tofail Ahmed told media yesterday after a meeting with Indonesian Ambassador Rina Soemarno at his ministry office.
He said high tariff imposed by Indonesia has appeared as hindrance for exporting Bangladesh's main export item -readymade garments (RMG) to its market.
So, the PTA would help to overcome the barriers in boosting export of Bangladeshi products, especially RMG to Indonesian market, hoped the minister.
He said initiative has been taken for mutual visit of business delegations of both the countries to increase bilateral trade, and hoped that the businessmen would improve the trade scenario identifying the potential sectors.
The commerce minister also requested the Indonesian envoy to provide duty and quota free access to Bangladeshi products which is supposed to take place, as the member of least developed countries, in line with WTO decision.
In the fiscal 2016-17, import volume of Bangladesh from Indonesia was $ 1107 million against the export of only $ 46.39 million.
Commerce secretary Shubhashish Bose and additional secretary Tapan Kanti Ghosh were present.