Bangladesh has decided to allocate land for a special economic zone for India to lure investments from the neighbouring country.
India has welcomed the decision at a joint statement issued after the foreign ministers’ meeting on Saturday in New Delhi.
Bangladesh said they would extend “necessary cooperation” to interested Indian entrepreneurs to invest in special zone.
It was also agreed to increase Indian investments in Bangladesh.
“This would not only reduce the trade gap but also increase Bangladesh’s exports to third countries,” the joint statement said.
The ministers agreed that all trade barriers should be “removed” to give the bilateral trade which is heavily tilted towards India a boost.
Both sides noted that the duty free quota free access given by India in 2011 enhanced the market access significantly.
The two sides agreed on the need to promote “balanced” bilateral trade and “address para-tariff and non-tariff barriers”.
Bangladesh side handed over a list of barriers to trade being faced by the country’s exports to India.
Indian side agreed to examine the list.
The two foreign ministers also agreed to initiate talks for renewal of the bilateral Trade Agreement which is due to expire on Mar 31 next year.
The two sides stressed the urgent need for upgradation of infrastructure of the Land Customs Stations (LCSs)/Land Ports and Integrated Check Posts (ICPs) in a coordinated manner.
They agreed to examine the existing system of LCS-specific port restrictions.
The two ministers noted the need for harmonization of standards and mutual recognition of certificates as an important element of trade facilitation.
They urged quick finalisation of the Agreement for Cooperation between Bureau of Indian Standards (BIS) and Bangladesh Standards and Testing Institute (BSTI).
Border Haats
The two foreign ministers noted with appreciation the positive experience gained from the functioning of the Border Haats.
They welcomed the progress of work of Border Haats at Kamlasagar-Tarapur, Srinagar-Purbomodhugram, Palbasti-Paschim Botuli and Kamalpur-Kurmaghat (along the Bangladesh-Tripura border).
They also welcomed the understanding between the two sides regarding opening four new Border Haats at Bholaganj-Bholaganj, Nalikota-Saidabad, Shibbari-Bhuyapara and Rinku-Baganbari(along the Bangladesh-Meghalaya border).
Both ministers stressed the need for improving connectivity between countries.
They welcomed the proposed trial run of Dhaka-Shillong Bus Service by this year.
They also welcomed the addition of AC coaches to Indian Railways rake of Maitree Express from Sept 23 and increase the frequency of services from two round trips in a week to three round trips in a week within two months.
The ministers urged the concerned authorities of both countries to devise a system of “easy fulfilment” of customs and immigration requirements of passengers travelling by Maitree Express.
The JCC meeting also noted that the relations have become “truly multifaceted”.
The next meeting will be held at a convenient date next year in Dhaka.
Source: bdnews24