ID :
177485
Sat, 04/23/2011 - 21:06
Auther :
Shortlink :
https://oananews.org//node/177485
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India allows more duty free garments imports from Bangladesh
Dhaka (PTI) - India on Saturday said it has
increased the quota for duty free import of garments from
Bangladesh by two million pieces to 10 million and also
removed countervailing duty on jute.
This was announced by India's Commerce and Industry
Minister Anand Sharma, who is leading a strong business
delegation of Ficci here.
"We view that our engagement with Bangladesh will bring
in rewards for both countries, ushering in job generation and
overall prosperity," Sharma said at a function of
India-Bangladesh Chamber of Commerce and Industry.
Countervailing duties (CVDs), levied to protect domestic
industries, are trade import duties imposed under WTO rules to
neutralise the negative effects of subsidies.
The Minister also said India is stepping up
infrastructure at its border with Bangladesh to boost
bilateral trade USD 3.5 billion.
Sharma said both sides have agreed that a joint group
would regularly review the border infrastructure for enhancing
trade.
"Work is about to commence on Petropol and Agartala. Both
will be ready by next year," he added.
Both the sides agreed to strengthen infrastructure at
borders including construction of land custom stations and
integrated check posts particularly at Petrapole and Agartala.
He said Border Haats (informal markets) in Meghalaya
would be ready by June.
Besides trade, the Indian industry has also been
investing in Bangladesh. Major investors include Airtel, Sun
Pharma, Asian Paints, Marico and the Tatas.
Sharma said as much as USD 3.5 billion investment from
India is in the pipeline.
Although India has banned export of non-basmati rice and
wheat because of domestic inflation, it has allowed exports of
3 lakh tonne Par boiled rice and 2 lakh tonne wheat to
Bangladesh. However, shipments are yet to commence.
The minister said: "We are ready and the shipments (of
commodities) can commence if Bangladesh wants...as they decide
which port to take it from, as early as next week".
Meanwhile Bangladesh Commerce Minister Muhammad Faruk
Khan said his country's exports to India have increased by 16
per cent between July-March 2010-11.
"We are pitching for 61 duty free items from India. Right
now, we are getting 54 items duty free in textile," Khan said.
India has also offered assitance for the upgradation of
Bangladesh Standard and Testing Institution (BSTI).
India has also offered assistance in the construction of
the bridge over river Feni, including connecting the road on
the Bangladesh side.
Further, the visiting side welcomed the offer of use of
Chittagong and Mongola ports as it would provide tremendous
benefit for trade and development of Bangladesh and the
North-East in India.
Both sides agreed to intensify discussions at official
and technical levels to provide further impetus to trade and
economic exchanges.
Meanwhile, an official said that a total of 250 MW power
would be provided by Indian power distribution companies to
Bangladesh.
There is a shortage of 1500 MW in the neighbouring
country, the official added.
increased the quota for duty free import of garments from
Bangladesh by two million pieces to 10 million and also
removed countervailing duty on jute.
This was announced by India's Commerce and Industry
Minister Anand Sharma, who is leading a strong business
delegation of Ficci here.
"We view that our engagement with Bangladesh will bring
in rewards for both countries, ushering in job generation and
overall prosperity," Sharma said at a function of
India-Bangladesh Chamber of Commerce and Industry.
Countervailing duties (CVDs), levied to protect domestic
industries, are trade import duties imposed under WTO rules to
neutralise the negative effects of subsidies.
The Minister also said India is stepping up
infrastructure at its border with Bangladesh to boost
bilateral trade USD 3.5 billion.
Sharma said both sides have agreed that a joint group
would regularly review the border infrastructure for enhancing
trade.
"Work is about to commence on Petropol and Agartala. Both
will be ready by next year," he added.
Both the sides agreed to strengthen infrastructure at
borders including construction of land custom stations and
integrated check posts particularly at Petrapole and Agartala.
He said Border Haats (informal markets) in Meghalaya
would be ready by June.
Besides trade, the Indian industry has also been
investing in Bangladesh. Major investors include Airtel, Sun
Pharma, Asian Paints, Marico and the Tatas.
Sharma said as much as USD 3.5 billion investment from
India is in the pipeline.
Although India has banned export of non-basmati rice and
wheat because of domestic inflation, it has allowed exports of
3 lakh tonne Par boiled rice and 2 lakh tonne wheat to
Bangladesh. However, shipments are yet to commence.
The minister said: "We are ready and the shipments (of
commodities) can commence if Bangladesh wants...as they decide
which port to take it from, as early as next week".
Meanwhile Bangladesh Commerce Minister Muhammad Faruk
Khan said his country's exports to India have increased by 16
per cent between July-March 2010-11.
"We are pitching for 61 duty free items from India. Right
now, we are getting 54 items duty free in textile," Khan said.
India has also offered assitance for the upgradation of
Bangladesh Standard and Testing Institution (BSTI).
India has also offered assistance in the construction of
the bridge over river Feni, including connecting the road on
the Bangladesh side.
Further, the visiting side welcomed the offer of use of
Chittagong and Mongola ports as it would provide tremendous
benefit for trade and development of Bangladesh and the
North-East in India.
Both sides agreed to intensify discussions at official
and technical levels to provide further impetus to trade and
economic exchanges.
Meanwhile, an official said that a total of 250 MW power
would be provided by Indian power distribution companies to
Bangladesh.
There is a shortage of 1500 MW in the neighbouring
country, the official added.
