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    South Asia
     Mar 25, 2006
Bangladesh, India to boost trade

DHAKA - The private sectors of Bangladesh and India have signed a memorandum of understanding to boost bilateral trade and investment through applying a problem-specific approach to overcome any hurdles.

Six taskforces have been set up under the MOU to promote bilateral trade, Indian investment in Bangladesh, developing trade-related infrastructure, removal of trade disputes, non-tariff barriers



and activating programs of the Bangladesh-India Chamber of Commerce and Industry.

The MOU is to facilitate cooperation between Bangladesh and Indian enterprises and enhancing bilateral trade opportunity, said a press statement.

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) and the Federation of Indian Chambers of Commerce and Industry (FICCI) signed the deal during the state visit of Prime Minister Begum Khaleda Zia to India.

A 40-member business delegation, led by FBCCI president Mir Nasir Hossain, accompanied the PM during the three-day visit that concluded on Wednesday.

The taskforces would be co-chaired by leading businessmen from both Bangladesh and India to work out time-bound and target-oriented plans of action to speedily resolve the problems facing the two business communities.

During the visit, the FBCCI president made a presentation before the Indian business community regarding the problems Bangladeshi businessmen face from India, including non-tariff barriers and inadequate infrastructure facilities on the Indian side of the land ports.

He pointed out the complicated certification procedures, stringent standard requirements, special labeling of jute goods, chemical tests for textiles and rigid phytosanitary requirements for perishable goods.

Mir Nasir urged authorities concerned to constitute committees to look into customs issues, harmonization of codes, mutual recognition of certificates and easier opening of bank branches.

The business leader of Bangladesh also recommended easier person-to-person contact and simplifying visa formalities, including the liberal issuance of multiple-entry visas to quicken the integration process in the business domain.

(UNB/Asia Pulse)

 

 
 



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