'Push efforts to implement Indo-Bangla tariff norms'

Top Stories

»	49% Indian startups now from tier 2, 3 cities: Jitendra Singh
»	'India ranks 3rd in global startup ecosystem & number of unicorns'
»	Tripura exported over 9K tonnes of pineapples in 2 years
»	CPI inflation eases to 6.71% in July, IIP falls to 12.3%
»	Rupee depreciates 12 paise to close at 79.64 against US dollar

Namrata Kath Hazarika | 11 Jan, 2013
Bangladesh has urged India to push the efforts in implementing the tariff guidelines "at the ground levels" under the South Asian Free Trade Area Agreement (SAFTA) so that Bangladesh traders are fully benefited from the agreement.

"The amendment in the constitution has to be brought in with alignment of the ground rules which operates and that is still lacking," the Bangladesh's High Commissioner to India, Tariq Ahmad Karim in New Delhi on the sidelines of the North East Business Summit recently.

India has lately reduced its sensitive list for the Least Developed Countries (including Bangladesh) under the South Asian Free Trade Area Agreement (SAFTA) from 480 tariff lines to just 25 tariff lines. Commensurately, Bangladesh has also reduced its SAFTA sensitive list for non-LDCs (including India) from 1241 tariff lines to 993 tariff lines (20% reduction).

"People now are trying to take advantages of it but they find there are barriers. A business wants to come up and set up business over here (India) to market, but he cannot set up because he is unable to open a bank account," he told SME Times.

"There are hiccups in improving relationship between India and Bangladesh," the high commissioner added.

He further suggested that both the sides should sit jointly with the officials of both countries and the chambers to discuss the issues.

It is vital to reopen spaces of mutual trusts and comfort that is of mutual benefit to each other. The perception of mutual benefit has to be there. Without that perception this will not move, he added.

Bangladesh and India are likely to have second Joint Consultative Commission (JCC) meeting in Dhaka in next month, when Foreign Minister Salman Khurshid would visit Bangladesh to discuss all bilateral issues under the sun.

Bilateral trade between Bangladesh and India rose nearly 20 per cent to more than US$ 4.50 billion in the fiscal year (FY) 2011-12 following reduction of sensitive lists by the relevant authorities in both the countries in late 2011.

During the period exports from India to Bangladesh rose more than 17 per cent to nearly $ 4.0 billion while exports from Bangladesh to India rose some 32 per cent to nearly $ 600 million, according to updated data at the ministry of commerce (MoC).