New Delhi, Sep 26 (UNI) Union Commerce and Industry Minister Suresh Prabhu has said the economic growth of Bangladesh is a model that could be emulated by other Least Developed Countries in the region.
The Minister, who is on three-day official visit to Bangladesh, congratulated Prime Minister Sheikh Hasina for the rapid strides made in the areas of economic growth, poverty eradication, and social and human development.
He was speaking at a discussion on India-Bangladesh trade relations organised by the Bangladesh Ministry of Commerce in Dhaka on Tuesday.
Bangladesh- India trade agreement is very important, he said in a tweet.
Mr Prabhu noted that after Bangladesh graduates from the Least Developed Country Status it would no longer have duty-free and quota-free access to the Indian market under South Asian Free Trade Area (SAFTA). In view of this, he proposed that India and Bangladesh may consider signing a Comprehensive Economic Partnership Agreement (CEPA) which would trade in goods and services and investments.
Underlining the potential of jute as a natural and environment friendly fiber, he suggested that a Joint Business Group could examine the issues related to this sector.
'Addressed the session on 'Bangladesh-India Trade Relations' and later interacted with the business community in Bangladesh today. We are developing a roadmap to address all issues to provide further boost to India Bangladesh bilateral trade ties,' he has said.
Mr Prabhu further stated that he was looking forward to developing a roadmap for resolving trade related issues in his meeting with the Commerce Minister of Bangladesh today. He also spoke about other issues like upgradation of infrastructure of Land Customs Stations for easing the flow of goods and people.
The Commerce Minister, who earlier held the portfolio for Railways in the Government of India, also said that the two countries may consider the possibility of cooperation in connecting Dhaka with rest of Bangladesh through broad gauge railway lines.
'Upgradation of 7 land customs stations and conversion of the rail network in Bangladesh from Meter gauge to Broad gauge being discussed which will help promote our trade and business ties for mutual growth,' he said in another tweet.
He elaborated about the number of initiatives being taken by the Government of India like doubling of farmers’ income, promoting agricultural exports, new industrial policy, identifying and supporting emerging sectors, positioning India in global value chains; a long term holistic logistics policy, district led growth and improvement of ease of doing business, geographical indicators and the target of making India a USD 5 trillion economy in the next 7-8 years.
He offered to partner and share experiences and best practices from these initiatives with Bangladesh.
Mr Prabhu thanked Bangladesh Commerce Minister Tofail Ahmed for playing an important role in resolving issues and strengthening multilateralism in the global trading system.
He called for continued cooperation of India and Bangladesh to make World Trade Organisation a stronger body and support global trade.
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