Dhaka is set to sign an agreement with Naypyidaw (Yangon) on standard operating procedure (SOP) of ships for introducing coastal ship operation between two next door neighbours.
The draft of the agreement has been finalised last month when a Bangladesh delegation visited Myanmar.
The final agreement would be singed during upcoming visit of Myanmar president Thein Sein to Bangladesh, according to sources in the ministry of shipping. “We have visited Myanmar last month and convinced the authority in Naypyidaw to finalise the draft of the agreement,” said a high official of the Department of Shipping. He said all the technical aspects of the agreement have been examined and reviewed. Now it is waiting for the formal approval of the heads of the governments of both the countries.
According to him there is no barrier as far as technical matters are concerned for signing the agreement.
Myanmar president was first scheduled to visit Bangladesh in the month of April this year, but later it was shifted to the month of July. Now the ministry of foreign affairs is trying to organise the visit in the 3rd week of July this year, the official told the Independent.
As per the proposed agreement, medium size ships having the carrying capacity of 100-2500 tonnes would operate between the sea and river ports of both the countries. Bangladesh assumes to operate around 30 ships on the routes.
The Naypyidaw authority would decide the number of ships to be operated from Myanmar side.
The ports which have been designated for the operations are: Khulna, Narayanganj, Chittagong, and Teknaf in Bangladesh. The Myanmar ports designated for the operation are Yangon, Akyab, Patheian and Mongdu.  
Myanmar Bangladesh Chamber of Commerce and Industries has been demanding such an agreement for long. They said such coastal shipping services were navigating during the British era.
The business prospects are very bright as Myanmar is blessed with vast natural resources while Bangladesh has got some finished products.
Maximum natural resources including a number of gold and oil mine in Myanmar remained untapped.
The goods which Bangladesh imports from Myanmar include rice, pulses, stone timber, spices and fresh fish.
On the other hand, the export from Bangladesh of cement, steel products, rod, tin sheet consumer goods and medicine to Myanmar can get a new boost after introducing the new  coastal shipping services, the source pointed out.
The coastal shipping route would also generate employment of around five lakh people in the country.
The process of singing such an agreement began in the year 2003. A formal agreement in this regard was signed in the year 20008 but that could not be implemented due to bureaucracy and political reasons.
The Myanmar side was shy about a number of issues like Rohinga, safety concern and maritime dispute. Now Myanmar is gradually opening its door for the foreigners.
As a result a number of world dignitaries including US foreign secretary Hilary Clinton and Indian prime minister Manmohan singh visted Myanmar.  
The export import business between two next door neighbour would take place through opening letter of credit L/C with banks. The existing export-import system between Bangladesh and India would be followed in the case of Bangladesh Myanmar trade.  
Bilateral trade balance has been heavily tilting in favour of Myanmar over the years. Bangladesh exported goods worth $9.17million to Myanmar in 2008-09 while it imported goods worth $66.65 million from the country.
According to experts despite having huge potential, the economic relations between Bangladesh and Myanmar could not be strengthen due to lack of formal agreement on investment, shipping, tourism and currency exchange between two next door neighbours.