Nepal is working on signing the Preferential Trade Agreement (PTA) proposed by Bangladesh in a bid to expand trade relations in future, said Ghanshyam Bhandari, ambassador of Nepal to Bangladesh on Wednesday.
He also said that the launching of road communication between the two countries could add a new dimension to the tourism sector as a huge number of Bangladeshis visit Nepal every year.
His views came at a meeting with the Commerce Minister Tipu Munshi at the secretariat.
The Nepalese ambassador noted that the Mongla, Banglabandha and Benapole land ports would make the trade activities between two countries easy and profitable.
He acknowledged that Nepal has a very limited capacity in the international trade platform. If the tariff structure becomes easy, the trade volume will increase, he added.
Ghanshyam Bhandari also observed that forming a Bangladesh-Nepal Chamber of Commerce and Industry can encourage businesses between the two countries.
Commerce Minister Tipu Munshi said that the process of procuring 500 MW electricity from the hydraulic power plant of Nepal is at the final stage.
Bangladesh exports readymade garments, foods, paper and paper bonds, jute products, medicine, plastic and electronic goods to Nepal, he said.
"There is a huge potential to increase trade by increasing communication among the businesses, creating business opportunities and exchanging visits," said Tipu Munhsi, adding that the bilateral trade between Bangladesh and Nepal is following a positive trend.
Although the trade volume between the two countries is below $1 billion, there is a huge potential to increase it, Tipu Munshi said.
Bangladesh has exported goods worth $68 million in the FY2021-2022 to Nepal while imported goods worth $4.80 million.
Tipu Munshi hoped that the road communication network between Bangladesh and Nepal can open a new window in the field of communication and trade.