SME Times News Bureau | 28 Sep, 2018
Commerce Minister Suresh Prabhu
said on Friday India needs to do more to tap the potential for intra-trade
growth in South Asia region.
Speaking at a seminar organised by
FICCI in New Delhi, Prabhu said the potential for intra-trade growth in South
Asia region has not been fully tapped as yet.
India’s trade with South Asia is
only 3% of its global trade. Today India’s trade with the world stands at 637.4
billion USD but with South Asia it stands at only 19.1billion
India’s top three trading partners
in South Asia are Bangladesh, Sri Lanka and Nepal.
The Minister further stated that
during his recent trip to Bangladesh talks on boosting trade between the two
countries were discussed and Bangladesh Trade Minister along with a delegation
has been invited to India to discuss trade and investment potential between the
two countries and India and Bangladesh are already working on a Comprehensive
Economic Partnership Agreement (CEPA).
During the Minister’s recent visit
to Bangladesh it has been decided to set up seven border haats some of which
will start immediately.
The Minister further added that
the potential of services sector is yet to be explored in this region.