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Canada Bangladesh Free Trade Agreement

Canada Bangladesh Free Trade Agreement

Canada expressed concern about the state of human rights in Bangladesh and, in particular, the rights of workers, different minority groups and women and girls. Through bilateral engagement, Canada regularly encourages The Bangladeshi authorities to ensure respect for human rights and democratic freedoms. The volume of bilateral trade between Bangladesh and Canada was $2 billion in 2016[16][17] and is expected to reach $5 billion in 2020. [18] [19] [20] [21] Canadian High Commissioner Laramée stated that Canada`s new Prime Minister, Justin Trudeau, wanted to cooperate with Bangladesh, particularly on the environment and climate. [22] He also expressed Canada`s interest in cooperating with Bangladesh in the area of gender equality and the health sector. [22] [23] Canadian companies also have the opportunity to invest in the food and agriculture, information and telecommunications, renewable energy, mechanical, automotive, shipbuilding, services and hospitality sectors. [15] Bangladesh and Canada are currently negotiating the Investment Protection Agreement (FIPA), which would help increase Canada`s direct investment in Bangladesh. The two countries have reached an agreement on air transport. Once implemented, this will pave the way for greater bilateral trade between Bangladesh and Canada and improve contacts between citizens.

Since 2014, Bangladesh has benefited from the Generalized Preferential Tariff Facility (FWDF) duty-free in the Canadian market, such as the GSP in the EU, in the clothing sector. The facility will continue until December 31, 2023. The two countries are therefore closely linked, both at the government and corporate levels, to promote trade and investment. Canada`s GSP regime for LDCs was revised in 2002, when almost all negotiable goods were eligible for duty-free (and quota-free) treatment. Four excluded products were eggs, poultry, dairy products and refined sugars, none of which are exported by Bangladesh. Most of Bangladesh`s exports to Canada (89.3 per cent in GJ 2010) are trusted products (RMG). Average Canadian tariffs on apparel items are about 17 per cent and many clothing items face tariff spikes. However, the average tariff on DFN in Canada was significantly lower (about 3.2 per cent). Canada negotiates bilateral free trade agreements with the following countries and trading blocs:[7] ANALYSIS OF DOUANES STRUCTURE Canada`s import duties have evolved over the course of the year in line with domestic demand. As a result, the average rates applied for the recipient nation (MFN) range from 0% (for cotton) to 248.9% (for dairy products) (Table 3). Clothing, which is Bangladesh`s main export to Canada, is subject to a 16.5% tariff. Because Canada provides developed and developing countries, including least developed countries, with duty-free market access under various agreements and agreements, much of the imported product is duty-free.

The highest proportion of products imported below zero is cotton (100%) followed by oil (98.0%), non-electric machinery (95.8%) Minerals and Metals (86.9%). This indicates that Bangladesh has not yet developed its competitiveness beyond a limited number of products (mainly clothing) to take advantage of access to customs markets, as other countries have done so far. The North American Free Trade Agreement between Canada, the United States and Mexico came into force on January 1, 1994 and created the world`s largest post-GDP free trade region.

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