Monday, 8 August, 2022

Indonesia vows to finalise IBTA agreement with Bangladesh

  • Staff Correspondent
  • 8 October, 2020 12:00 AM
  • Print news

The Federation of Bangladesh Chambers of Commerce and Industries (FBCCI), and Indonesian Chambers of Commerce and Industry (KADIN) have discussed to finalise Indonesia Bangladesh free trade agreement (IBTA) Phase-III through an ‘FBCCI Cloud Conference’.

To discuss opportunities on trade and investment between Bangladesh and Indonesia, FBCCI, organised the Cloud Conference titled, ‘Bilateral Trade and Investment Opportunities in the Ongoing Global Pandemic and Beyond’.

Sheikh Fazle Fahim, President of FBCCI, Major General (retd) Azmal Kabir, Ambassador of Bangladesh to Indonesia, Rosan Perkasa Roeslani, President, Kadin Indonesia, Rina P. Soemarno, and Ambassador of Indonesia to Bangladesh discussed the collaboration to boost both economies in a post-pandemic world at the conference.

Sheikh Fazle Fahim said that there is massive potential for growth if bilateral value chain initiative (BVCI) can be explored in pharmaceuticals, agro, diversified jute goods, leather goods, energy, and minerals.

 “We hope that progress on the bilateral PTA with Indonesia will bolster our two-way trade,” the FBCCI president added.

Highlighting Bangladesh’s success and development even during an unprecedented pandemic Fazle Fahim further said that comparing compliant markets and transitioning economies like Bangladesh’s ROI makes Bangladesh an attractive destination with IP protection in place for technology transfer.

 “Indonesian investors with technology and knowledge transfer can tap into Bangladesh’s production competitive edge, 160mn consumer base, 1.8bn SAARC regional market, market access that is Duty-Free Quota Free (DFQF) to India, China, EU, Canada, Australia, APTA, etc” he said.

The Ambassador of Bangladesh to Indonesia urged the Indonesian investors both public and private in harnessing existent resources and untapped sectors for mutual and inclusive bilateral trade.

Underscoring the importance of collaboration in economic recovery, the President of KADIN Indonesia said that they are hopeful that the ongoing negotiation between Indonesia Bangladesh Free Trade Agreement (IBTA) will soon be finalized 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,” said KADIN president.

The Ambassador of Indonesia to Bangladesh said that 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.