Any offer should end double taxation
The Maldives wants to sign agreements with Bangladesh which get rid of twice taxation and guarantee and protect investment for increasing bilateral trade and investment, says the archipelagic state's foreign minister, Abdulla Shahid.
The current volume of bilateral trade is very negligible, comprising simply a couple of products, for the lack of bilateral trade and investment guarantee and protection agreements, he said.
The trade volume is also low for the same scenario afflicting people-to-people and transport connectivity, as is regarding flights between Dhaka and Malé, said Shahid.
However, high trade potential is present between these two people of the South Asian Association for Regional Cooperation (Saarc) because of commonalities in goods in demand, a increasing middle-income human population and geographical proximity, he added.
So, the Maldives possesses been negotiating with Bangladesh to get some good agreements signed for increasing bilateral trade, Shahid told The Daily Star within an exclusive interview throughout a go to to Dhaka to meet up his Bangladeshi counterpart last month.
In the meeting, equally Shahid and AK Abdul Momen were thought to have agreed to motivate private sector entrepreneurs to get more involved with bilateral trade and investment.
The Maldives isn't considering signing free trade or preferential trade agreements (FTA or PTA), alternatively it wants a comprehensive trade and financial agreement foreseeing Bangladesh as a potential trading partner in South Asia, said Shahid.
Such detailed agreements comprise essential issues like trade, investment, employment and intellectual property rights, he said.
Generally, each country offers a technical panel to get started on negotiations to formulate the agreement. Then its draft is talked about at the political level for finalisation. This initiative will be studied up within this season, said Shahid.
Commerce secretary-level talks may also start soon to explore areas for organization, he also said.
Coming on repeated travels to Bangladesh, Shahid explained this individual was thrilled to reach this period as he had a lot of close friends here linked to politics.
Adding to this had been celebrations marking Bangabandhu Sheikh Mujibur Rahman's birth centennial and the 50th anniversary of Bangladesh's independence, he added.
Connectivity first must be improved while the exclusive sector given the self-assurance that their investment might end up being protected, said Shahid, a good former loudspeaker of the Maldives parliament.
Both countries like a huge advantage regarding the immense size of their youth population, who should undertake leadership roles because of their nations' future survival, fighting common climate change-induced challenges, he said.
Mainly thriving about tourism, the island nation has gradually converted into a regional destination for a few Bangladeshi job seekers.
A lot of Bangladeshis possess gone to the Maldives to create their fortune but unable to show valid docs, many of them have fallen victim to unscrupulous dealers.
Shahid said their estimates state 151,000 Bangladeshis are in the Maldives, which 80,000 have official documents as the rest were unregistered.
"This is an extremely sad situation, we've very unscrupulous companies and people who have taken good thing about those individuals," he said.
So the Maldives wants to send back again the unregistered Bangladeshis as their regulations didn't permit so many foreign nationals of a specific country to remain back, he said.
The Maldives parliament allows around one lakh foreign skilled, unskilled and semi-skilled foreign employees from a specific country to remain, he added.
Last year, they sent back 10,000 Bangladeshis and the Maldives government needs to reach to "the required target", the minister reported.
"So we happen to be requesting the large commission of Bangladesh in the Maldives to expedite the requirement," Shahid also said.
No one will be repaid forcefully since it is a voluntary procedure and all dues of the Bangladeshi expatriates will come to be paid, he assured.
The Maldives government will bear the repatriation cost and their industry was dependent how this situation proved. If the market grows in the future, the necessity threshold of foreign personnel may boost, he added.
Regarding the Covid-19 pandemic, the minister stated the problem in the Maldives was under control.
The Maldives government provides treatment irrespective of nationalities. Up to now, over 3,000 Bangladeshis tested positive and just a few passed away, he said.
Since vaccines have already been rolled out, not merely Maldivians but as well foreign nationals, including Bangladeshis, will be provided the jab cost-free, he said.
Following a request of the Maldives, Bangladesh has recently sent a medical crew to provide treatment to the Bangladeshi community because of a gap in communication that exists, relating to a statement right from the Maldivian international ministry.
Various cannot easily communicate, said the minister.
