The Nepal Ambassador to Dhaka, Ghanshyam Bhandari, said that a preferential trade agreement between Bangladesh and Nepal is expected to be finalised soon.聽
He also said that discussions between the two countries were ongoing and that good news may be on the horizon after finalising issues such as product lists, tariffs, and non-tariff issues.
He was speaking at a seminar titled 鈥楤angladesh-Nepal Relations: A Renewed Outlook,鈥� organised jointly by the Centre for Policy Dialogue and Nepal Economic Forum in the capital on Sunday.
Speakers at the seminar said that signing a preferential trade agreement between Bangladesh and Nepal would boost bilateral trade between the two neighbouring聽countries.
They also stated that both countries should focus on removing tariff and non-tariff barriers and tap into the potential of trade between the two countries.聽
Ambassador Ghanshyam Bhandari emphasised the vast potential for expanding trade between the two nations, including notable sectors like energy, tourism, investment, and exports.
He also stated that several Bangladeshi companies, including Pran, Akij, and a few pharmaceutical firms, are already operating in Nepal.
鈥楢bout 70 per cent cars of Nepal are electric vehicle, so Bangladeshi companies have potentials in this sector,鈥� he added.
He also said that discussions are underway regarding power cooperation.
鈥楢n initial import of 40 megawatts of electricity from Nepal to Bangladesh is expected, with the potential to scale it up to as much as 9,000 megawatts in the future,鈥� he added.
He also said that as Nepal generates clean energy, the Bangladeshi RMG sectors could use the energy for sustainable manufacturing.
He also stated that Bangladesh is the fifth source of tourism for Nepal, with approximately 50,000 tourists visiting聽Nepal in 2024.
鈥極n the other hand, about 3,500 Nepalese students are pursuing their higher education in Bangladesh,鈥� he added.
In his speech, Md Abdur Razzak, chief executive officer of the Bangladesh Foreign Trade Institute, stated that the Bangladesh-Nepal trade relations have immense potential but remain untapped.
鈥楽igning PTA, bilateral investments, business to business and people to people connectivity are important to enhance trade,鈥� he added.
Syed Muntasir Mamun, director general of International Trade, Investment, and Technology at the Ministry of Foreign Affairs, stated that both countries must move beyond politics to tap into their聽trade potential.
鈥榃e have to work on non-tariff barriers, automation and digitalisation to enhance trade,鈥� he added.
Professor Mustafizur Rahman, a distinguished fellow at the CPD, stated that both Bangladesh and Nepal are expected to graduate from the least developed country status in 2026.
鈥楾o address the post-LDC challenge, we have to remove all tariff and non-tariff barriers between us under World Trade Organisation clauses,鈥� he added.
He also stated that to reduce the cost of doing business, transport, connectivity, trade, and energy connectivity, as well as people-to-people connections, are essential.
However, he said that the relationship between India and Nepal is also essential in any Nepal-Bangladesh ties.
Shikha Thapa Magar, executive director of the Nepal Development Research Institute, said that Bangladesh could be a potential buyer of hydropower for its RMG sector.
She also said that Bangladesh and Nepal have a potential tourism partner, from the mountains of the Himalaya to the sea of Cox鈥檚 Bazar.
Afrin Mahbub from CPD and Aman Pant of NEF presented the keynote addresses at the event, highlighting the potentials, challenges, and opportunities in the bilateral trade relations between Bangladesh and Nepal, especially in sectors such as energy, tourism, and others.
The seminar, focused on Bangladesh-Nepal relations, was moderated by CPD executive director Fahmida Khatun and attended by economists, business leaders, and diplomats from both countries.
