Bangladesh focussed on PTAs, FTAs as LDC graduation nears: Minister

The government has been relentlessly working to sustain a business-friendly environment, ensuring required policy reforms and infrastructural development in the country, he told the newly elected board of directors of the Dhaka Chamber of Commerce and Industry (DCCI) during a meeting.

The board members, led by president Mohammad Sameer Sattar, called on him at his secretariat office in Dhaka.

Sattar said Bangladesh would lose preferential market access and face 8-16 per cent export tariff as a developing country after the graduation, a news agency reported.

To overcome export losses, he urged for formulating a transition strategy with the participation of private sector to address the issues of post-LDC era.

He emphasised new market development in the Southeast Asia and Africa region on a priority basis along with product diversification.

He also suggested setting up a separate commercial court to ensure quick disposal of commercial disputes along with necessary reforms to the Arbitration Act 2001.

Fibre2Fashion News Desk (DS)