Bangladesh should opt for PTA with MERCOSUR, suggests Argentine envoy

12 Jul '22

2 min read

Pic: Shutterstock

Argentine ambassador to India, Bangladesh, Nepal, Bhutan, Sri Lanka and the Maldives Hugo Gobbi recently suggested Bangladesh to opt for a preferential trade agreement (PTA) with the MERCOSUR, a trade bloc comprising Brazil, Argentina, Paraguay and Uruguay, as negotiations over a free trade agreement (FTA) might consume a much longer time.

His comments came during a meeting between Mohammad Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), and Claudio Rozencwaig, undersecretary of foreign policy of the ministry of foreign affairs and international trade of Argentina in Dhaka.

Jashim Uddin sought Argentina’s support to expedite the process of signing an FTA between Bangladesh and the MERCOSUR. Textiles are a major import item of Argentina from Asia.

Rozencwaig, who led an Argentine delegation, also expressed interest in boosting bilateral relations on all fronts, according to an FBCCI press release.

Jashim Uddin said the MERCOSUR region is equipped with significant dynamic markets and it can source quality products, including processed food, pharmaceuticals, plastic, ceramic and readymade garments, from Bangladesh at competitive prices, according to Bangladeshi media reports.

Bangladesh is keen on signing pacts with trading partners as it is set to lose duty-free market access once it graduates from the grouping of the least-developed countries (LDC) in 2026.

Fibre2Fashion News Desk (DS)

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