Dhaka, Oct. 27 -- Bangladesh and Malaysia have begun formal talks on a free trade agreement (FTA) to expand bilateral trade and investment and strengthen their economic partnership.

Both countries pledged to finalise a "modern, balanced and mutually beneficial" deal by 2027.

Commerce Secretary Sharif Uddin Ahmed Chowdhury outlined the goal at the opening of the three-day first round of talks in Dhaka on Tuesday, according to the ministry.

"During Prime Minister Tarique Rahman's visit to Malaysia on June, he and Malaysian Prime Minister Anwar Ibrahim discussed concluding a sustainable and mutually beneficial free trade agreement by 2027," the secretary said.

"The first round of formal talks marks the start of the institutional process ...