Widening of Trade and Economic Relations Between Bangladesh and SAARC Countries: A Sensible Study on International Trade Scenarios

Abstract

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This study examines the bilateral trade and economic relations between Bangladesh and SAARC countries. In this regard, export and import scenarios, considered the main focus of international trade and overall foreign trade volumes over the last five years (2016-2020) were studied. Using panel data analysis, the relationship between the nature and direction of export-import and economic cooperation of this research was examined. The study found that economic ties and cooperation have strengthened in recent times, and bilateral trade with SAARC countries has increased over the previous year, although the rate was disappointing at the beginning of the pandemic. The results also show that Bangladesh has long suffered from trade imbalances with India and is in less or more good standing with other SAARC countries. Researchers have found that the impact of economic relations with SAARC countries has not led to adequate export adaptations for economic growth. According to the results of the survey, it is suggested that steps should have to be taken to increase exports, to reduce trade deficiency. The Bangladesh Export Processing Bureau (EPB), the Ministry of Commerce, and EPZ authorities need to be more vigilant in expanding trade facilities and developing infrastructure.

Keywords: Bilateral Trade, Economic Cooperation, SAARC, Export, Import

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