Indonesia focuses on finalising trade agreement with Bangladesh

Underscoring the importance of collaboration in economic recovery, KADIN Indonesia president said, “We are hopeful that the ongoing negotiation between Indonesia Bangladesh Free Trade Agreement (IBTA) will soon be finalised with changes in the tariff that will boost bilateral trade. Indonesian investors have also shown interest in joint initiatives in the energy, power, transportation, infrastructure and tourism sectors of Bangladesh that can be leveraged.”

The Indonesia ambassador to Bangladesh said, “Although the bilateral trade between the two nations has been gradually developing over time, we have yet to harness the full potential, which can exceed the current value. A three-day trade fair that was organised in Bangladesh, alone generated millions of dollars worth of potential trade between the two nations.”

“The third phase of the IBTA agreement, the first in Bangladesh’s history, has been delayed by the advent of the pandemic, but we are hopeful that within the coming months we will be able to formulate a constructive agreement either eliminating tariff or reducing it thus improving the bilateral trade between our nations,” she added.

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