India News | Bangladesh Prioritising Reduction of Trade Imbalances

Guwahati, Oct 19 (PTI) Bangladesh is prioritising reduction of trade imbalances and improving investment possibilities in the country, Mahisur Rahman, the advisor to that country's prime minister said here on Wednesday.

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Bangladesh's economy is mostly consistent but has to bear huge expenditure for trade with Nepal and Bhutan as there is no direct transportation to those countries and goods have to be sent through India, he said on the inaugural day of the two-day India-Bangladesh Buyers Sellers Meet (BSM) here.

''The custom systems of both Bangladesh and India need to be improved. The protocol agreement for through movement of transport and the policy to enforce it should be given prior importance so that exporters and importers do not get involved in illicit trade,'' Rahman said.

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Trade and non-trade barriers need to be addressed seriously and there should be a systematic arrangement to ensure that standards of all consignments and other requirements are addressed adequately, he said.

Referring to the jute industry in Bangladesh, Rahman said that it is facing losses due to poor performance and periodic inflation primarily due to anti-dumping subsidies in the Indian side.

He further said that to improve its imports and exports, Bangladesh should have access to ports outside the country.

Union Minister of State for DoNER and Cooperation, B L Verma said that Bangladesh is the nearest country to India and both the countries can have more defined trade relations with each other.

Besides, Bangladesh can serve as the largest market for goods produced in the north eastern states, he added.

Assam Minister for Industries and Commerce Bimal Borah said that trade relations between Bangladesh, India and ASEAN countries can be enhanced through Mongola and Chittagong ports and a part of the exports can be delivered to third countries.

He said buyers and sellers meets serve as platforms for strong and dedicated approach to strengthen the bilateral relation between the two countries.

Federation of Bangladesh Chamber of Commerce and Industries director Syed Moazzam Hossain said that the India-Bangladesh Buyers Sellers meet is an important platform for improving the bilateral relations between the two countries.

The governments of the two countries should give each other the opportunity for exports by solving the trade, non-trade barriers and visa issues that exist between the two nations, he said.

Hossain also emphasized on improvement of connectivity through roads, railways and waterways which would boost the opportunity of both the countries to strengthen the trade relations.

Indian Chamber of Commerce - NER chairman M K Saharia said the region's strategic importance for the Act East policy is due to its location.

India has various local resources for industrial use and raw materials and finished products for south Asia and ASEAN countries and can take imports from Bangladesh, he said.

Several connectivity projects are progressing fast and north east India will be connected to the world through road, river and air in the near future, Saharia added.

ICC has organised the India-Bangladesh BSM in association with the commerce department of the central ministry of industry and commerce. More than 35 Bangladesh buyers and 150 Indian sellers took part in it.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)