Ministries agree to sign CEPA with India

Senior officials of ministries concerned yesterday reached consensus on signing a much-needed Comprehensive Economic Partnership Agreement (CEPA) with India to expand trade and investment with the neighbouring country. 

An inter-ministerial meeting on the issue was attended by officials of foreign, labour, commerce and home affairs ministries and other government departments and agencies at the commerce ministry in Dhaka.

Tapan Kanti Ghosh, senior secretary to the commerce ministry, chaired the meeting.

All senior officials agreed that the process can be initiated, Abdur Rahim Khan, additional secretary to the commerce ministry, told The Daily Star over the phone.

This CEPA is a part of the government's massive initiatives to sign trade deals with major trading partners to retain duty benefits following the United Nations status graduation from a least developed to a developing country in 2026.

CEPA goes beyond being a free trade agreement (FTA) or preferential trade agreement (PTA) to be a broader kind of a trade deal which also includes investment and employment.

Recently the parliament adopted a law on signing such deals with potential and major trading partners as the country will need to retain its duty benefit after the graduation.

Commerce Minister Tipu Munshi in a visit to India in April this year said Bangladesh was keen on clinching a CEPA with India in a year. Both Bangladesh and India had agreed to sign a CEPA in 2018.