Neighbourhood First: India-Bangladesh to sign trade agreement soon

By: |
Published: January 19, 2020 3:31:26 PM

Earlier this week, at the commerce secretary-level meeting in New Delhi, in an effort to resolve several important issues related to the agreement were discussed.

India has also requested Bangladesh to withdraw restrictions imposed by the neighbouring country on products being traded through Akhaura-Agartala port. (File image)India has also requested Bangladesh to withdraw restrictions imposed by the neighbouring country on products being traded through Akhaura-Agartala port. (File image)

Ahead of Prime Minister Narendra Modi’s visit to Bangladesh in March, both sides are working on finalising a bilateral Comprehensive Economic Partnership Agreement (CEPA) for mutual trade-related benefit. Once this agreement is in place the two sides are hoping that bilateral trade between the two countries could go up significantly from the current $ 10 bn.

Earlier this week, at the commerce secretary-level meeting in New Delhi, in an effort to resolve several important issues related to the agreement were discussed.

Talking to Financial Express Online, Gautam Lahiri, Bangladesh expert, said, “Bangladesh is seeking many concessions including withdrawal of anti-dumping duty on jute products and removal of restrictions on the Onion export from India.”

Also, according to senior officers, the two sides discussed removal lof restrictions on jute products as well as cooperation and capacity building in the area of Trade Remedial Measures.

Last year at the end of bilateral talks between Prime Minister Narendra Modi and Bangladesh Prime Minister Sheikh Hasina, the two sides had agreed to expedite the Joint Working Group on the possibility of having CEPA.

While the Indian side was led by Commerce Secretary Anup Wadhawan, Bangladesh delegation was led by Secretary, Ministry of Commerce, Dr Jafar Uddin.

“With Bangladesh graduating from the Least Developing Country (LDC) to a developing nation, India has proposed for negotiating a free trade agreement including which includes goods and services opined Lahiri.

The two sides had discussions on a wide range of issues of mutual interests including regional connectivity, up-gradation of infrastructure for border trading, Border haats, CEPA, India-Bangladesh CEOs’ Forum, sharing of trade data, regional connectivity initiatives, and facilitation of business visas.

Also the 12th meeting of the Joint Working Group (JWG) on Trade took place in New Delhi at the additional Secretaries level and the two sides held discussions in details related to trade and commerce between the two neighbours.

India has also requested Bangladesh to withdraw restrictions imposed by the neighbouring country on products being traded through Akhaura-Agartala port.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1World Economic Forum 2020: Piyush Goyal to meet global CEOs in Davos to woo investments
2Low-skill immigrants, whom everyone hates, don’t depress wages: Abhijit Banerjee
3Rahul Gandhi urges Nirmala Sitharaman to look into high GST on this medical device