Bangladesh Signs First Preferential Trade Agreement (PTA)

  • IASbaba
  • December 9, 2020
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Bangladesh Signs First Preferential Trade Agreement (PTA)

Part of: GS Prelims and GS-III – Infrastructure

In news

  • Bangladesh signed its first Preferential Trade Agreement (PTA) with Bhutan allowing duty free access to a range of goods between the two countries.

Key takeaways

  • This is the first PTA Bangladesh has signed with any country in the world.
  • The agreement was signed on the occasion marking the 50 years of diplomatic ties between the two countries.
  • Under the PTA 100 Bangladeshi products will get duty free access to Bhutan. 
  • At the same time, 34 items from Bhutan will get duty free access into Bangladesh.
  • Bangladesh is expected to sign 11 more PTAs and Free Trade Agreements (FTAs) with countries like Indonesia and Nepal by June next year.

Do you know?

  • In 1971, Bhutan was the first country in the world, followed by India as the second, to recognise Bangladesh as an independent country.

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