A report by the General Economic Division of Bangladesh says the country will face an uphill task in convincing major trading partners and regional blocs to sign free trade agreements (FTAs) because of higher tariffs as it looks to retain duty benefits after its graduation from the LDC group, according to a government report.

According to the report titled "Impact assessment and coping up strategies of graduation from LDC status for Bangladesh, ‘currently the country does not have any bilateral FTA with any country.

In December, Bangladesh struck preferential trade agreement (PTA) with Bhutan, its first bilateral trade agreement, as it looks to retain duty-free market access after it becomes a developing nation in 2024.

Under the deal with Bhutan, Bangladesh will get duty preference for 100 goods and extend the same benefit to Bhutan for 34 goods.

Bangladesh may ink PTA with Nepal soon. Besides, the government is in negotiation with 11 more countries to sign FTAs.

Post-LDC, Bangladesh may also have to negotiate a trading arrangement with the EU and the post-Brexit United Kingdom to ensure favourable access to the markets, which account for more than 60 per cent of exports from the country.

Beyond that, Bangladesh may seek more bilateral or regional FTAs if the projected trade creation (trade growth) contributes to growth and employment creation.