Potential for India-S Asia trade not fully tapped: Prabhu

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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 USD.

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.