"Md. Aminul Islam" <aminul_islam_raj@yahoo.com> wrote:
We are already a captive market of ! .
Isha Khan <bd_mailer@yahoo.com> wrote:
'FTA with India will make us a captive market'
Indian Border securiy Force stand Guard : mmtimes.com
The WB economist termed Bangladesh economy as "highly protected" and suggested more tariff liberalisation for better international trade
The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) organised the seminar on Regional Trade Arrangements (RTAs) in Asia-Pacific: Impact on Bangladesh in its conference centre in the city. Dr Zaidi Sattar, a senior Economist of World Bank, spoke as chief guest at the function.
A senior Government official yesterday warned against any free trade arrangement with India which might make Bangladesh a "captive market" of the neighbour."These are my personal views," Dr Hamidur Rashid, Director General (MEA) of the Foreign Ministry, said while presenting the keynote speech at a seminar. "FTA with India is likely to be "trade diversionary" for the Indian exporters," he added.
The WB economist termed Bangladesh economy as "highly protected" and suggested more tariff liberalisation for better international trade, while some business leaders said the country is loosing the race in the global trade due to "too much liberalisation without protection of local interests."
"Discrimination to the non-members is high in the RTAs," Dr Sattar said and alerted that Bangladesh should not be left out from trade facilities due to RTAs in various reasons.
He suggested Bangladesh to join regional trade pacts to be a partner in trade facilities.
He said RTAs are reducing the cost of industrialisation in many countries. But Bangladesh's export diversification is stumbling.
"Future of Bangladesh lies in export as only domestic market is not enough for its industrialisation. The country must put its house in order," he said.Dr Sattar said regionalism in global trade should be countered by multilateralism. However, the business leaders at the function urged for protection of local industries by discouraging import of industrial goods.
SM-al-Hossain, a business leader, said, "We are losing the race in global trade due to too much liberalisation."
He stressed capacity building in trade negations of private sector, trade bodies and government institutions for trade negations in the global arena so that national interest can be protected.The businessmen in the function demanded restructure of the FBCCI and enrich it with intellectual resources.
Business leader Monjur Ahmed suggested to develop negotiation capacity of NGOs, private sectors and the Government.
Dr Hamidur Rashid said, SAFTA would have a negligible effect on regional trade flows, he observed and said, "a free trade arrangement (FTA) with India may increase consumer surplus but is likely to have little on no impact on increasing Bangladesh's manufactured exports t0 India."
The welfare gains from RTAs with North American Free Trade Agreement (NAFTA) and the European Union (EU) will be higher than the welfare gains on an RTA with the Association of South East Asian Nations (ASEAN), he said suggesting, Bangladesh must avoid being a "spoke."
Dr Mostafa Abid Khan, Joint Chief of Bangladesh Tariff Commission addressed the function as special guest. Syed Jamaluddin, Secretary General of FBCCI in his concluding remarks assured the business community of restructuring the apex body with skilled and resourceful manpower.
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