DHAKA: Bangladesh is all set to revive talks of a free trade area (FTA) deal with Turkey which was virtually put on hold for months following a diplomatic rift centering war crimes trial, officials said.
A Turkish delegation comprising officials from its ministry of economy is scheduled to visit Bangladesh next month to discuss signing of the proposed pact, they added.
“Turkish officials had invited us to visit Ankara for the talks, but we decide to host this round of negotiation in Dhaka. The last round of talks was held in Ankara,” a senior trade official said.
In mid-May last year, Turkish ambassador to Dhaka Devrim Öztürk left the country following execution of a Jamaat Islami leader Motiur Rahman Nizami. Before that, Turkey on several occasions strongly condemned the executions. However, the ambassador came back to Dhaka three months later in August last year.
A senior official at the ministry of commerce (MoC) said that Bangladesh is very much positive in signing FTA deal with several countries including Turkey, Sri Lanka, South Africa, and Myanmar.
“If we can get duty-free access to Turkey, our exports to the Eurasian country will increase manifold,” he said adding that apparel exports have a significant potential to grow there.
According to trade officials, Dhaka for the first time opted for signing FTA deal with Ankara following imposition of 17 per cent additional duty on import of textile and garment items from Bangladesh in June 2012. Other Bangladeshi exports enjoy zero-duty benefit in the Turkish market.
In calendar year 2013, Bangladesh’s export to Turkey crossed US$1.0 billion while import was $195 million. However, as 17 per cent duty was slapped on apparel, Dhaka’s export to Turkey dropped to $767 million in the following year.
Officials also said Turkey has proposed that both sides aim to achieve a comprehensive and high-level FTA being consistent with relevant provisions of the WTO (World Trade Organisation) agreement, in particular Article XXIV of GATT (General Agreement on Tariffs and Trade).
Bangladesh’s major exports to Turkey include apparels and clothing accessories, textile yarn and related products, non-metallic mineral products, tobacco and tobacco manufactures, and leather and leather goods.
On the other hand, Bangladesh’s imports from Turkey include edible vegetable and certain roots, salt, sulphur, earths and stone, plastering materials, lime, cement, products of chemical and allied industries, plastic and articles thereof, cotton, cotton yarn, and cotton fabrics, iron and steel.
