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Bangladesh is likely to sign bilateral maritime agreements with Singapore and Malaysia this year to reduce nearly 15 per cent shipping cost in country's international trading.
The agreements will also help cut lead time significantly in the shipping process between the countries, a high official of the Ministry of Shipping told Saturday.
The official said options such as avoidance of double taxation and priority berthing are planned to be included in the proposed agreement to exempt nearly seven per cent freight charge between the countries.
The agreement is expected to help enhance country's trade and commerce as around 30 per cent total export-import of Bangladesh are conducted through the shipping lines owned by those countries, a director of the Federation of Bangladesh Chambers of Commerce and Industries said.
"If the Chittagong Port is considered to be a regional hub in the near future to provide services to Nepal and Indian seven eastern states the agreements will be of immense benefit to the region, the director added.
The shipping treaty will ease lead-time in the international trade which will help directly in fac ing crucial post-MFA situation to the textile and garment sector of the country, another high official of the shipping ministry said.
After signing the ships of those countries will get priority berthing at the ports of the respective countries, he added.
An opportunity for local seamen will also be created to join overseas shipping lines as another option related to preferential recruitment has also been planned to be included into the draft treaty.
HRC Shipping Line Executive Director Mahfuzul Hoque said Bangladesh will benefited from the agreement if '50-50 cargo sharing' options are included.
Freight charges vary between ship to ship as prices and in-built cost of the ships determine the charge, Haque said.
The government has formed an expert team headed by a senior official of the ministry to examine pros and cons of the deals.
The ministry will prepare the draft agreement soon to place at the Singapore meeting.
An inter- ministerial meeting is also likely be convened at the ministry next Saturday to finalise some of the options of the agreement.
The committee members will hold formal talks with their Singaporean counterpart in this connection, sources added.
A similar shipping agreement exists with Myanmar which is considered as an example in the process of signing a new one.
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