Govt signing agreements to reap trade benefits: Commerce minister

Commerce Minister Tipu Munshi on Wednesday said the government is signing trade agreements with different countries to reap long-term trade benefits in the face of changing geoeconomic landscape.

“The government is trying to get preferential trade agreements [PTAs] or free trade agreements [FTAs] for taking long-term trade benefits. Although there is a possibility of reduction in customs revenue in foreign trade, we will reap benefits in the long run,” he said.

The minister said this while speaking as the chief guest at a virtual seminar on “Rise of Geo-economics and Bangladesh,” according to a press release.

The Economic Reporters Forum (ERF) in association of Research Policy Integration for Development (RAPID) and Friedrich Ebert Stiftung organised the seminar.

Commerce Secretary Dr Md Jafar Uddin attended the seminar as the special guest while ERF President Sharmeen Rinvy presided over it.

RAPID Chairman and PRI Director Dr MA Razzaque presented the key note speech while ERF General Secretary SM Rashidul Islam moderated the session.

In his speech, Tipu said Asia is now very important for trade and it is time to give importance to Asia in terms of consumers.

“The purchasing power of the people of Asia is increasing. People now want to buy quality products. As a result, Asia can be an important market for Bangladesh. Exporters are also now focusing on Asian markets. Asia will be a big market in the future,” he added.