Dhaka – Bangladesh will get duty facilities to 10,000 products in the Asia Pacific markets as the South Asian country approved a proposal Monday to ratify the Second Amendment to the Asia-Pacific Trade Agreement.
A weekly meeting of the cabinet headed by Prime Minister Sheikh Hasina approved the proposal for ratification of the APTA amendment, which Bangladesh, India, China, Lao, South Korea and Sri Lanka signed the agreement on January 13, 2017 in Bangkok.
The second amendment was signed in line with the ministerial declaration adopted at the third session of the ministerial council in Seul on December 15, 2009 to deepen tariff concession and to expand negotiations into additional areas of cooperation as a truly pan-Asia Pacific Trade Agreement.
Under the APTA, Bangladesh was entitled duty facilities to 4,648 products.
With the ratification of the amendment to the agreement, the country will now enjoy duty facilities to 10,677 items to different APTA member states, said N M Ziaul Alam, Secretary of the Cabinet Division (Coordination and Reforms).
The Cabinet also approved, in principle, the draft of Bangladesh Livestock Research Institute Act-2017 to replace the Livestock Research Institute Ordinance 1984, which became defunct as per a Supreme Court verdict scrapping the Fifth Amendment to the Constitution in 2010.
Alam said as per the Supreme Court order the new law has been made in Bangla.
It added four new sections incorporating the activities of the Board of the institute and fee for giving consultation services to any public or private organization.