Bangladesh and Bhutan on Tuesday underscored the need to boost bilateral trade, strengthen private-sector cooperation and expand product coverage under the Bangladesh-Bhutan Preferential Trade Agreement (PTA), while also exploring the possibility of negotiating a Free Trade Agreement (FTA).
The issues were discussed at the Fourth Foreign Office Consultations (FOC) between the governments of Bangladesh and Bhutan in Dhaka, according to the Ministry of Foreign Affairs.
Foreign Secretary Asad Alam Siam and Bhutanese Foreign Secretary Pema Lektup Dorji co-chaired the meeting.
The consultations took place in a warm, cordial and constructive atmosphere, providing an opportunity for the two sides to review the full range of bilateral relations and exchange views on regional and multilateral cooperation on matters of mutual interest.
Both sides reaffirmed their longstanding ties of friendship, trust and mutual respect and expressed satisfaction over steady progress in bilateral cooperation in areas including politics, trade and investment, connectivity, education, health, culture, tourism, agriculture and people-to-people exchanges.
The two countries agreed to further strengthen high-level political engagement and maintain regular consultations between their governments.
They emphasised the importance of translating existing goodwill and political understanding into tangible outcomes for the people of both countries.
The two sides also stressed the need to deepen private-sector engagement and expand trade opportunities by increasing product coverage under the existing PTA.
They also discussed the possibility of pursuing an FTA to further strengthen economic relations and create greater opportunities for trade and investment.
Bangladesh reiterated the need to expedite the operationalisation of Bhutan's Special Economic Zone in Kurigram, which is expected to create opportunities for increased investment and economic cooperation between the two countries.
The two sides reiterated their commitment to expanding cooperation in culture, tourism, agriculture, human resource development, academic exchanges, institutional linkages, youth exchanges and sports.
Bangladesh also expressed support for Bhutan's Gelephu Mindfulness City (GMC) initiative, welcoming its potential to contribute to sustainable development, regional connectivity and shared prosperity.
Dhaka expressed interest in exploring opportunities for mutually beneficial cooperation under the initiative.
The two sides also exchanged views on strengthening regional cooperation through the South Asian Association for Regional Cooperation (SAARC) and the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), with the aim of promoting greater regional integration.
Both sides expressed satisfaction with the outcome of the fourth FOC and reaffirmed their commitment to further deepening the close and mutually beneficial Bangladesh-Bhutan partnership.
The next round of Foreign Office Consultations will be held in Thimphu at a mutually convenient date and time.