India offers incentives to increase trade with Bangladesh
April 23rd, 2011 - 8:59 pm ICT by IANS
New Delhi, April 23 (IANS) India-Bangladesh trade is set to grow further this fiscal with the South Asian economic giant offering a 25 percent increase in tariff free apparel imports, lifting of duties on jute and establishing ‘Haats’ (markets) at the borders.
These and other steps were announced by Indian Commerce and Industry Minister Anand Sharma on his two-day visit to Dhaka. Sharma held wide-ranging discussions with his Bangladesh counterpart, Commerce Minister Lt. Col. (retd.) Muhammad Faruk Khan.
Bangladeshi exports to India, during the first three quarter of 2010-11, have outstripped the total figure of last fiscal, having touched $359 million.
Among the steps announced by Sharma to further trade ties with Bangladesh are:
– Increasing tariff-free quota of apparel exports from Bangladesh by 25 percent to 10 million pieces;
– Lifting of countervailing duties on all jute exports from Bangladesh;
– Strengthening of infrastructure at borders, including construction of land customs stations and integrated check posts;
– Stepping up schedule for completion of border ‘haats’ in Meghalaya for a formal launch in June 2011;
– Assistance for the upgradation of Bangladesh Standards and Testing Institution and providing training facilities for capacity building;
– Assistance in the construction of bridge over river Feni, including the construction of the connecting road on the Bangladesh side; and
– Offer to export 300,000 tonnes of par-boiled rice to Bangladesh.
Sharma is to meet Bangladesh Prime Minister Sheikh Hasina Sunday.
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- No more FDI in Bangladesh garment sector - May 16, 2011
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- Bangladesh's exports to India to double by June - Feb 20, 2012
- India, Bangladesh to set up 'Border Haats' - Nov 03, 2010
- India, Bangladesh to set up more 'Border Haats' - Feb 23, 2012
- India-Bangladesh to start work on bridge this month - Dec 22, 2010
- India to ship 500,000 tonnes of grains to Bangladesh: Anand Sharma - Apr 23, 2011
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Tags: anand sharma, apparel exports, apparel imports, boiled rice, capacity building, check posts, commerce minister, economic giant, faruk, free apparel, free quota, indian commerce, industry minister, jute, launch, meghalaya, million pieces, minister sheikh hasina, trade ties, upgradation