Exports to India can be doubled: BangladeshSeptember 7th, 2011 - 12:57 pm ICT by IANS
Dhaka, Sep 7 (IANS) Exports to India can be doubled if “non-tariff barriers are resolved”, said a Bangladeshi minister Wednesday, as 46 textile items of the neighbouring country have got a duty-free access to Indian markets.
“Bangladesh will benefit enormously as it will help narrow down trade gap between the two countries,” Commerce Minister Muhammad Faruk Khan was quoted as saying.
Indian Prime Minister Manmohan Singh is in Bangladesh on a two-day visit that saw New Delhi and Dhaka ink a framework agreement on cooperation for development and a protocol on demarcating their land boundary, an accord to facilitate overland transit to Nepal and on conserving the Royal Bengal Tiger of the Sundarbans.
New Age reported that the decision on duty-free access came after a meeting between Bangladeshi cabinet ministers and four chief ministers of Indian states Tuesday.
Chief Ministers Tarun Gogoi of Assam, Manik Sarkar of Tripura, Pu Lalthanhawla of Mizoram and Mukul Sangma of Meghalaya have accompanied the prime minister to Dhaka.
Khan said: “Our export to India will be doubled if non-tariff barriers are resolved.”
Bangladesh gets duty-free access for 10 million pieces of garments annually to India. India has an estimated $3 billion apparel market size.
The country’s trade deficit with India stood over $4 billion in the 2010-11 fiscal year.
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