Bangladesh bank

Bangladesh Bank (BB) is the central bank and monetary authority of the country. It came

into existence under the Bangladesh Bank Order 1972 (Presidential Order No. 127 of 1972) which took effect on 16 December 1971. Through this order, the entire operation of the former State Bank of Pakistan in the eastern wing was transferred to Bangladesh Bank.

Bangladesh Bank has been entrusted with all the traditional central banking functions

including the sole responsibilities of issuing currency, keeping the reserves, formulating and managing the MONETARY POLICY and regulating the credit system of Bangladesh with a view

to stabilizing domestic and external monetary value and promoting and maintaining a high level of production, employment and real income in the country. The bank acts as the banker to the government and accepts government deposits, cheques and drafts, and undertakes

collection of cheques and drafts drawn on other banks. The government deposits all its cash balances with the Bangladesh Bank free of interest. The bank transfers government funds

from one place to another as requested by the government and its agencies

Dhaka Stock Exchange

The Dhaka Stock Exchange (DSE) is the prime stock exchange of Bangladesh established

in 1954 in Motijheel. Stock exchanges started in Bangladesh with the Dhaka Stock Exchange.

As of 18 August 2010, the Dhaka Stock Exchange had over 750 listed companies with a

combined market capitalization of $50.28 billion.

Evolution of the Dhaka Stock Exchange

It was first incorporated as East Pakistan Stock Exchange Association Ltd in 28 April 1954 and started formal trading in 1956. It was renamed as East Pakistan Stock Exchange Ltd in 23

June 1962. Again renamed as Dacca Stock Exchange Ltd in 13 May 1964. After the liberation war in 1971 the trading was discontinued for five years. In 1976 trading restarted in

Bangladesh, on 16 September 1986 DSE was started. The formula for calculating DSE all share price index was changed according to IFC on 1 November 1993. The automated trading was initiated in 10 August 1998 and started on 1 January 2001. Central Depository System

was initiated in 24 January 2004

The major functions are:

Listing of Companies (As per Listing Regulations). Providing the screen based automated trading of listed Securities.

Settlement of trading (As per Settlement of Transaction Regulations). Gifting of share / granting approval to the transaction/transfer of share outside

the trading system of the exchange (As per Listing Regulations 42). Market Administration & Control. Market Surveillance.

Publication of Monthly Review.

Chittagong Stock Exchange

Chittagong Stock Exchange (CSE) is a stock exchange located in the port city of

Chittagong in southeastern Bangladesh. It was established in 1995 as the second stock

exchange of the country. The exchange is located in the Agrabad commercial area of the city.

It's a very small exchange which trade volume is less than many brokerage houses in

Bangladesh.Founder members of the proposed Chittagong Stock Exchange approached the

Bangladesh Government in January 1995 and obtained the permission of the Securities and

Exchange Commission on February 12, 1995 for establishing the country's second stock

exchange.

LEGAL BASIS OF CSE

As legal entity CSE is a not- for-profit public limited company. All of its 129 members are

corporate bodies. It has a separate secretariat independent of policymaking Board. The Board comprises of brokers and non-brokers directors with equal proportion to ensure the transparency.

The Board constituted Committees to delegate such functions and authority as it may deem fit. There is an independent secretariat headed by a full time Chief Executive Officer. CSE

activities are regulated by it's own regulations and bye laws along with the rules, orders and notification of the SEC.

The Securities and Exchange Commission

The Securities and Exchange Commission (SEC) is the regulator of the capital market of

Bangladesh, comprising Dhaka Stock Exchange and Chittagong Stock Exchange.

Background

SEC was established on 8 June, 1993 under the Securities and Exchange Commission Act, 1993. The Chairman and Members of the Commission are appointed by the government and

have overall responsibility to administer securities legislation. The Commission, at present has three full time members, excluding the Chairman. The Commission is a statutory body and attached to the Ministry of Finance.

Functions

Regulating the business of the Stock Exchanges or any other securities market.

Registering and regulating the business of stock-brokers, sub-brokers, share transfer agents, merchant bankers and managers of issues, trustee of trust deeds, registrar of an

issue, underwriters, portfolio managers, investment advisers and other intermediaries in the securities market.

Registering, monitoring and regulating of collective investment scheme including all

forms of mutual funds. Monitoring and regulating all authorized self regulatory organizations in the securities

market.

Prohibiting fraudulent and unfair trade practices relating to securities trading in any securities market.

Investment Corporation of Bangladesh

Investment Corporation of Bangladesh (ICB) established on 1 October 1976 under the Investment Corporation of Bangladesh Ordinance 1976. It is an investment bank established

to accelerate the pace of industrialization and develop a sound securities market in Bangladesh.

Initially, the activities of ICB were limited to underwriting public issue of shares, bridge

financing, debenture financing and opening/maintaining investors' accounts (Investors' Scheme). ICB had largely expanded its areas and scope of activities and now provides

various types of investment and banking services.

Basic Functions

1.Underwriting of initial public offering of shares and debentures

2.Underwriting of right issue of shares

3.Direct purchase of shares and debentures including Pre-IPO

placement and equity participation

4.Providing lease finance to industrial machinery and other equipments

singly or by forming syndicate

5.Managing investors' Accounts

6.Managing Open End and Closed End Mutual Funds

7.Operating on the Stock Exchanges

Export Promotion Bureau

Export Promotion Bureau (EPB) Bangladesh under the Ministry of Commerce is a government agency of the country, entrusted with the responsibilities of promoting export of

the country. It is mainly responsible for:

Coordinating export development efforts at different sectors and production levels; Formulating and adopting of policy and program for active promotion of exports; Coordinating, monitoring and evaluating national export performance and analyzing

export trends; Carrying out promotional activities in product development & expansion of supply

side capacity ; Exploring markets of exportable's abroad; Collecting and disseminating trade information to the stakeholders;

Organizing participation in international trade fairs abroad;

Imparting training for HRD ; Conducting studies, surveys, research etc. for expansion and diversification of export

and Administering and monitoring of RMG quota.

Board of investment

Established under Investment Board Act 1989, the Board of Investment (BOI) is the principal

private investment promotion and facilitation agency of Bangladesh. The act mandated BOI for providing diversified promotional and facilitating services with a view to accelerating industrial development of the country. In addition, the government also entrusted BOI with

some more functions in its service list in the recent past. Combining all, BOI’s present functions can be categorized as follows:

Investment facilitation

Pre-investment information and counseling service.

Investor welcome service (faster immigration). Registration/approval of foreign, joint-venture and local project.

Registration/approval of branch/liaison/representative offices. Approving work permit for the foreign nationals. Facilitating utility connections (electricity, gas, water & sewerage, telecom etc.).

Participatory budgeting

Participatory budgeting directly involves local people in making decisions on the spending and priorities for a defined public budget. PB processes can be defined by geographical area (whether that’s neighborhood or larger) or by theme. Participatory budgeting (PB) allows the

citizens of an area neighborhood, regeneration or local authority area) to participate in the allocation of part of the local Council’s or other statutory agency's (health services, police)

available financial resources. PB aims to increase transparency, accountability, understanding and social inclusion in local government affairs. PB applies to a varying amount of the local Council’s budget and the actual process is developed to suit local

circumstances.

The Jiban Bima Corporation

The Jiban Bima Corporation (JBC) is the lone state-owned life Insurance company in Bangladesh, which started its maiden journey on May 14,1973 with assets and liabilities

worth TK. 15.70 crore (157 million) of defunt 37 life Insurance companies. Since its inception, JBC is working among the people of Bangladesh with two basic objectives: firstly,

to cover the risks and raise savings habits among the people and secondly, create funds for the country’s economic development through innovative life insurance schemes.

Major Objectives

Provide life insurance benefit to the people at a competitive cost.

Mobilize savings through various schemes and create funds for economic development of the country.

Offer products for maximum returns at minimum cost. Create awareness among the people to develop savings habits.

Develop suitable schemes to meet the need of all classes of people.

Sadharan Bima Corporation

Sadharan Bima Corporation (SBC) provides general insurance services in Bangladesh. It

offers insurance for fire, marine hull, marine cargo, motors, house holders, product liability,

burglary, contractor's risk, engineering, public liability, and aviation. The company also

insurance for workmen's compensation, cash in safe, cash in transit, cash on counter, personal

accident, peoples personal accident, dread disease, overseas Medi-claim, export credit

guarantee, livestock, risks, and fidelity guarantee. In addition, it offers reinsurance, risk

improvement, industrial development through equity participation, and human resources

development services for insurance industry. The company was founded in14th May, 1973

under the Insurance Corporation Act (Act No. VI) of 1973 to deal with all classes of general

insurance & re- insurance business emanating in Bangladesh and is based in Dhaka,. It is

operating under the direct control and supervision of the Ministry of Finance, Government of

the People’s Republic of Bangladesh.

Bangladesh Development Bank Ltd

Bangladesh Development Bank Ltd (BDBL) is a state owned specialized development

bank of Bangladesh. The bank came into effect with the merger of ailing Shilpa Bank and

Shilpa Rin Sangstha, which were established in 1972 to provide loans and facilities to

industrial units, help set up new industries and expand investment in Bangladesh.

Bangladesh Development Bank Limited, a development financial institution, provides

financial and technical assistance to private and public sector industries, and partnership and

proprietorship concerns. It offers long and medium term loans; working capital loans to

industrial units; equity support services; and commercial banking services, such as deposit

mobilization, forex business, letter of credit handling, and forex remittances, as well as issues

guarantees on behalf of borrowers for repayment of loans. The company also provides

industrial credit programmes, equity entrepreneurship fund programmes, share trading

services, incentive programmes for loan recovery, rehabilitation programmes, and deposit

mobilization programmes for lending and investment.

Non banking financial institutions

Non banking financial institutions(NBFI) are institutions that do not accept deposits or

handle accounts like traditional banks but provide all other form of services like loans, share

trading accounts, investment banking etc. It does not have a full banking license or is not

supervised by a national or international banking regulatory agency. NBFIs facilitate bank-

related financial services, such as investment, risk pooling, contractual savings, and market

brokering.These institutions also provide wealth management such as managing portfolios of

stocks and shares, discounting services e.g. discounting of instruments and advice on merger

and acquisition activities. The number of non-banking financial companies has expanded

greatly in the last several years as venture capital companies, retail and industrial companies

have entered the lending business

Depending upon their nature of activities, non- banking finance companies can be classified

into the following categories:

1. Development finance institutions 2. Leasing companies

3. Investment companies 4. Modaraba companies 5. House finance companies

6. Venture capital companies 7. Discount & guarantee houses

8. Corporate development companies

Bangladesh House Building Finance Corporation

Bangladesh House Building Finance Corporation (BHBFC) a specialised public sector financial institution set up in 1973 under President's Order No. 7 of 1973, which repealed the

House Building Finance Corporation Act XVIII of 1952. Its sole objective is to provide credit facilities for construction, repair and remodeling of dwelling houses and apartments in cities,

towns and other urban areas. All inherited assets and liabilities of the erstwhile House Building Finance Corporation were vested in the reconstituted BHBFC. The lending policy of BHBFC has undergone changes over the years to cater to the funding needs of various types

of HOUSING. For quite a long time, the corporation was engaged in giving loans such as general loans and multi-storied loans. Currently, it provides 5 types of loans:

(a) general loans for construction of single or multi-storied residential houses on land/plots

owned by a single person or by a husband and wife jointly;

(b) group loans for the construction of flats by a group of borrowers on a plot owned jointly;

(c) apartment loans for purchasing under-construction apartments in DHAKA and CHITTAGONG Metropolitan areas;

(d) adjustment loans for completion of an under-construction house; and

(e) loans for constructing semi-pucca houses in district and selected upazila headquarters.

IDLC

IDLC (Industrial Development Leasing Company of Bangladesh) a multi-national joint

venture public limited company and the first leasing and multi-product NON-BANK FINANCIAL

INSTITUTION in Bangladesh. It was established at Dhaka in 1985. 45% of the company's

shares are held by foreign sponsors. From August 2007 its changed name is IDLC Finance

IDLC Finance Limited provides various financial products and services to individuals, small

and medium enterprises (SME), and corporate customers in Bangladesh. Its loan products

include lease, term, work order, corporate real estate, and real estate developer finance; and

home, home equity, car, personal, machinery, and business loans, as well as domestic

factoring of accounts receivable and bill/invoice discounting. The company’s investment

products comprise common equity investments, preferred equity investments, and bonds.. Its

corporate services include project finance appraisal, working capita l arrangement, refinancing

arrangements and merchant banking and portfolio management services comprise cap invest,

IPO advisory, underwriting, issue management, and investment advisory services, as well as

placement of equity, debentures, and bonds. IDLC Finance Limited also provides securities

brokerage services for retail and institutional clients; and custodial services.

United Leasing Company Limited

United Leasing Company Limited a joint venture NON-BANK FINANCIAL INSTITUTION engaged mainly in lease finance business and bills discounting. It was incorporated on 27

April 1989 as a public limited company under the COMPANIES ACT 1994 public . The company is listed with the Dhaka Stock Exchange Ltd United Leasing Company Limited provides equipment leasing for small businesses. It offers

investment services, including term deposits; secured finance, such as lease and term finance

services, as well as home loans for purchasing, constructing, and renovating

houses/apartments, offices, commercial buildings, schools, hotels, hospitals, factories, and

warehouses. The company also provides channel finance services that include factoring,

work-order finance, distributor finance, assignment discounting, and revolving loan services;

and corporate finance services, including syndicates loans. It offers its leasing services for

industrial machinery and motor vehicles, machinery and furniture for hospital use, trucks and

buss for transportation, equipment and furniture for official use.

MIDAS FINANCING LTD

MIDAS FINANCING LTD. (MFL) is leading financial institution of the country licensed by

Bangladesh Bank under the financial institutions Act 1993. MIDAS Financing Limited provides various financial products and services in Bangladesh. The company accepts deposit products, including term deposits, monthly deposit accounts,

monthly/quarterly income deposit accounts, double money deposit accounts, and triple money deposit accounts. It provides loans for constructing houses, as well as for purchasing

apartments, readymade houses, and commercial spaces; consumers credit scheme loans; and lease finance to SME and corporate business units in the manufacturing and service industry sectors, as well as to individuals and institutions. The company also offers project loans and

working capital loans; and loans against lien of securities to investors/traders of capital market for the purchase of publicly traded shares/securities. MIDAS Financing Limited was

incorporated in 1995 and is headquartered in Dhaka, Bangladesh.

FBCCI (Federation of Bangladesh Chambers of Commerce and Industry)

FBCCI (Federation of Bangladesh Chambers of Commerce and Industry) the apex organisation for trade and INDUSTRY in Bangladesh. It was established in 1973 under the

Trade Organisations Ordinance 1961 (amended in 1994) and COMPANIES ACT 1913 (amended in 1994). The main objective of the FBCCI is to safeguard interests of private sector trade bodies and industry in Bangladesh through promoting the interests of its member units, both

chambers and association bodies. FBCCI also deploys its efforts in developing AGRICULTURE, human resources and communication sectors of the country. The Federation has two types of

members, namely, the Chambers of Commerce and Industry and the Trade and Industrial Associations. At present, there are 234 members, of whom 67 belong to the former category and the remaining to the latter category.

FBCCI assists in the organisation of chambers and associations throughout the country. It

collects and disseminates statistical and other information for advancement of trade and industry. It organises training, seminars and workshops on trade, commerce and industry,

conducts research on major policy issues, and co-operates in settlement of trade disputes through conciliation, negotiation and arbitration. FBCCI consults and advises the government in formulating the commercial, industrial and fiscal policies of the country. It maintains close

relations with overseas national chambers of commerce and other trade and industrial associations.

BGMEA (Bangladesh Garment Manufacturers and Exporters Association)

BGMEA (Bangladesh Garment Manufacturers and Exporters Association) a

recognised trade body that represents export oriented garment manufacturers and garment exporters of the country. It promotes and protects the greater interest of the garment sector of Bangladesh and its members, the number of

which was about 3200 in July 2000.

BGMEA is dedicated to establishing and promoting contacts with foreign buyers, business and trade associations, chambers and research organisations to

develop the export base of apparels. It also promotes trade negotiations in international market. The fundamental objective of BGMEA is to establish a healthy business environment for a close and mutually beneficial relationship

between manufacturers, exporters and importers, thereby ensuring steady growth in the foreign exchange earnings of the country..

Dhaka Chamber of Commerce & Industry

Dhaka Chamber of Commerce & Industry (DCCI) the voice of SMEs serves as the first point of business contact for penetration into new market and a vibrant platform putting forward facts-based opinions, suggestions and recommendations for a brighter tomorrow in

the sphere of trade, commerce and the overall economy. DCCI, the largest and most active Chamber of the country, established in 1958. It serves as a model of non-profit, service-oriented organization. It has rendered more than four decades of very useful services for the

development of business and industry in Bangladesh.

The basic function of the DCCI lies is the promotion and development of trade, commerce and industry in this country.

To promote and develop trade, commerce and industry.

To suggest ways towards the formulation and implementation of government policy

in respect to import, export, investment banking, insurance and fiscal measures.

To represent trade, commerce and industry on various advisory or consultative

committees at different ministries and departments. To comment on legislative measures affecting trade, commerce or industry.

To function as a forum for exchanging views between chamber members, government agencies DCCI members and local/foreign delegations.

To disseminate information to members on circulars, notifications, and statistical data, relating to commerce and industry.

To organize trade delegations, seminars and trade fair participation as well as

receiving business delegations from abroad.

The World Trade Organization

The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade

(GATT), which commenced in 1948. The organization deals with regulation of trade between participating countries; it provides a framework for negotiating and formalizing trade agreements, and a dispute resolution process aimed at enforcing participants' adherence to

WTO agreements which are signed by representatives of member governments and ratified by their parliaments.[4][5] Most of the issues that the WTO focuses on derive from previous

trade negotiations, especially from the Uruguay Round (1986–1994).

Principles of the WTO

The basic principles of the WTO (according to the WTO):

1. Trade Without Discrimination o No Most Favoured Nation (MFN) Treatment - no special deals to trading

partners, all members of WTO must be treated the same

o No National Special Treatement - locals and foreigners are treated equally 2. Freer Trade

3. Predictability through Binding - promising not to raise tariffs is called binding a tariff and binding leads to greater certainty for businesses

4. Promoting Fair Competition

5. Encouraging Development and Economic Refor

World Bank

The World Bank is an international financial institution that provides loans to

developing countries for capital programmes.The World Bank's official goal is the reduction of poverty. By law, all of its decisions must be guided by a commitment to promote foreign investment, international trade and facilitate capital investment.The World Bank differs from

the World Bank Group, in that the World Bank comprises only two institutions: the International Bank for Reconstruction and Development (IBRD) and the International

Development Association (IDA),

Functions

poverty reduction and the sustainable growth in the poorest countries, especially in Africa;

solutions to the special challenges of post-conflict countries and fragile states; development solutions with customized services as well as financing for middle-

income countries; regional and global issues that cross national borders--climate change, infectious

diseases, and trade;

greater development and opportunity in the Arab world;

The International Development Assoiation

The International Development Assoiation (IDA) is the part of the World Bank that helps the world’s poorest countries. Established in 1960, IDA aims to reduce poverty by providing

interest- free credits and grants for programs that boost economic growth, reduce inequalities and improve people’s living conditions. Repayments of credits are stretched over 25 to 40 years, including a 5 to 10-year grace period IDA complements the World Bank’s other

lending arm–the International Bank for Reconstruction and Development (IBRD)–which serves middle- income countries with capital investment and advisory services. IBRD and

IDA share the same staff and headquarters and evaluate projects with the same rigorous standards

IDA is one of the largest sources of assistance for the world’s 80 poorest countries, 39 of which are in Africa. It is the single largest source of donor funds for basic social services in

the poorest countries.

. International Finance Corporation

International Finance Corporation (I.F.C) is an affiliated institution of World Bank. It was established on July 20, 1956 with the object of assisting private enterprises in developing

countries by providing them with risk capital. The World Bank grant loans only to member governments or private enterprises with the guarantee of member government concerned. Again the World Bank provides only loan to private enterprises. Infact the development of

private enterprises is held up for lack of adequate risk capital. Hence there was an urgent need for some international finance institution which would be willing to provide risk capital

to the private industrial undertaking in developing countries. The I.F.C was set up to meet the participation requirement of private industrial undertakings.

OBJECTIVES OF THE I.F.C The main objectives of the I.F.C is to accelerate the pace of economic development of the

member countries in the under developed areas of the world in these ways. (i) By investing in private productive enterprises in association with private investors and without any government guarantee of repayment.

(ii) By bringing together investment opportunities, private capital, both foreign and domestic and experienced management.

(iii) By stimulating productive investment of private capital, both foreign and domestic, in the developing countries for productive purposes.

International Monetary Fund

International Monetary Fund (IMF) is an intergovernmental organization that promotes international economic cooperation, focusing in particular on policies that have an impact on

the exchange rate and the balance of payments. The organization's stated objectives are to promote international economic cooperation, international trade, employment, and exchange rate stability, including by making resources available to member countries to meet balance

of payments needs. Its headquarters are in Washington, D.C. The IMF’s relatively high influence in world affairs and development has drawn heavy criticism from some sources.

The IMF was conceived on July 22, 1944 originally with 45 members and came into

existence on December 27.. The IMF was important when it was first created because it helped the world stabilize the economic system. The IMF works to improve the economies of its member countries. The IMF describes itself as “an organization of 187 countries (as of

July 2010), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth,

and reduce poverty

Asian Development Bank

Asian Development Bank (ADB) aims for an Asia and Pacific free from poverty.

Approximately 1.8 billion people in the region are poor and unable to access essential goods,

services, assets and opportunities to which every human is entitled.Established in 1966, it is

a major source of development financing for the Asia and Pacific region. With more than

$17.5 billion in approved financing, and 2,800 employees from 59 countries, ADB - in

partnership with member governments, independent specialists and other financial

institutions - is focused on delivering projects that create economic and development impact.

Whether it be through investment in infrastructure, health care services, financial and public administration systems, or helping nations prepare for the impact of climate change or better manage their natural resources, ADB is committed to helping developing member countries

evolve into thriving, modern economies that are well integrated with each other and the world.

The main devices for assistance are loans, grants, policy dialogue, technical assistance and

equity investments.

The Islamic Development Bank

The Islamic Development Bank (IDB) is a specialized institution of the Organization of the Islamic Conference (OIC), is an international financing institution. Its purpose is to foster the economic development and social progress of Muslim countries and Muslim Communities in

accordance with the principles of the Shari’ah and to bridge the gap between rich and poor member-countries.

The IDB is the first international financial institution to commit itself to conduct its activities in conformity with the Shari’ah. As a result, the prohibition o f Riba in Islam and the

implications thereof have motivated certain conceptual and operational features which distinguish the IDB from other international development banks and other institutions having

similar purposes. The Bank is authorized to accept deposits and to mobilize financial resources only through Shari'ah compatible modes and is authorized to levy a service fee to cover its administrative expenses instead of working on the basis of interest. The major

source of IDB’s finance has been the capital subscriptions of its members. Repayment of existing lines of credit enabled to have additional funds to support the activities of the IDB

after the initial capital injections.

The European Union

"birthday" of what is now the EU, is celebrated annually as Europe Day.

The European Union has seven institutions: the European Parliament, the Council of the

European Union, the European Commission, the European Council, the European Central

Bank, the Court of Justice of the European Union and the European Court of Auditors.

Competencies in scrutinising and amending legislation are divided between the European

Parliament and the Council of the European Union while executive tasks are carried out by

the European Commission and in a limited capacity by the European Council (not to be

confused with the aforementioned Council of the European Union). The monetary policy of

the eurozone is governed by the European Central Bank. The interpretation and the

application of EU law and the treaties are ensured by the Court of Justice of the European

Union.

These are flanked by five other important bodies:

European Economic and Social Committee (expresses the

N

South Asian Free Trade Area plaints about maladministration by any EU

institution or body);

South Asian Free Trade Area (SAFTA) is an agreement reached on January 6, 2004 at the 12th SAARC summit in Islamabad, Pakistan. It created a free trade area of 1.6 billion people

in Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka (as of 2011, the combined population is 1.8 billion people). The seven foreign ministers of the regio n signed a

framework agreement on SAFTA to reduce customs duties of all traded goods to zero by the year 2016.

The Objectives of this SAFTA are to promote and enhance mutual trade and economic cooperation among Contracting States by, inter-alia:

a) eliminating barriers to trade in, and facilitating the cross-border movement of goods

between the territories of the Contracting States;

b) promoting conditions of fair competition in the free trade area, and ensuring equitable benefits to all Contracting States, taking into account their respective levels and pattern of

economic development; c) creating effective mechanism for the implementation and application of this Agreement,

for its joint administration and for the resolution of disputes; and

d) establishing a framework for further regional cooperation to expand and enhance the mutual benefits of this Agreement.

Refferencec

1. Scribidi.com

2. Wikipedia

3. Banglapedia

Investment Bank (helps achieve EU objectives by financing investment projects).

A number of agencies and other bodies complete the system. The rule of law is fundamental to the European Union. All EU decisions and procedures are based on the Treaties, which are agreed by all the EU countries.

Initially, the EU consisted of just six countries: Belgium, Germany, France, Italy, Luxembourg and the Netherlands. Denmark, Ireland and the United Kingdom joined in 1973,

Greece in 1981, Spain and Portugal in 1986, Austria, Finland and Sweden in 1995. In 2004 the biggest ever enlargement took place with 10 new countries joining. In the early years, much of the co-operation between EU countries was about trade and the

economy, but now the EU also deals with many other subjects of direct importance for our everyday life, such as citizens' rights; ensuring freedom, security and justice; job creation;

regional development; environmental. It has helped to raise living standards, built a single Europe-wide

.

: Europe is a continent with many different traditions and languages, but also with shared

values. The EU defends these values. It fosters co-operation among the peoples of Europe, promoting unity while preserving diversity and ensuring that decisions are taken as close as possible to the citizens.RRrrrrrr

European Investment Bank (helps achieve EU objectives by financing investment

.

The European Union (EU) is a family of democratic European countries, committed to

working together for peace and prosperity. It is not a State intended to replace existing states, but it is more than of joint interest can be made democratically at European of sovereignty is

also called "European integration". The historical roots of the European Union lie in the Second World War. The idea of European integration was conceived to prevent such killing and destruction from ever

happening again. It was first proposed by the French Foreign Minister Robert Schuman in a

speech on 9 May 1950. This date, the "birthday" of what is now the EU, is celebrated annually as Europe Day.

There are five EU institutions, each playing a specific role:

and executive body);

European Central Bank (responsible for monetary policy and managing the euro);

European

prosperity. It has helped to raise living standards, built a single Europe-wide market, launched the single European currency, the euro, and strengthened Europe's voice in the

world. Unity in diversity: Europe is a continent with many different traditions and languages, but also with shared values. The EU defends these values. It fosters co-operation among the

peoples of Europe, promoting unity while preserving diversity and ensuring that decisions are taken as close as possible to the citizens.

In the increasingly interdependent world of the 21st century, it will be even more necessary for every European citizen to co-operate with people from other countries in a spirit of curiosity, tolerance and solidarity.