Fast execution of bilateral agreements holds the key To Trade between NE & Bangladesh

STAFF REPORTER

GUWAHATI: Fast implementation of bilateral agreements holds the key to trade between the north-eastern region of India and Bangladesh.

This was the general observation of all participants at the two-day-long India-Bangladesh Stakeholders’ Meet which concluded here on Wednesday.

“Non-operationalisation of the bilateral agreements and non-tariff measures has resulted in low-level trade between the Northeast and Bangladesh. Bilateral agreements provide the framework for multi-modal movement of goods. But, the problem is that these agreements are not fully operational,” a business delegate from Bangladesh said.

Country Director (India Resident Mission) of Asian Development Bank Kenichi Yokoyama who attended the inaugural session of the Stakeholders’ Meet, said the bilateral trade between India and Bangladesh is about USD 10 billion. India accounted for 16.4 per cent of Bangladesh’s imports, while NE’s share is only 1.2 per cent, he said.

“The border trade of NE with Bangladesh has remained limited mainly due to non-tariff measures,” Yokoyama said.

A member of the NE Chapter of Indian Chamber of Commerce who attended the Meet hoped for early operationalisation of transport agreements which will facilitate trade between India-Bangladesh, the Northeast as well as Bangladesh-Bhutan through multi-modal routes.

“Given Bangladesh’s export basket, the NE region can be a major trading partner. It is estimated that around 28 per cent, which is USD 15 billion, of Bangladesh’s import demand is for products that can be manufactured using local resources of the Northeast,” the ADB top brass said.

Economic adviser to Bangladesh Prime Minister Sheikh Hasina, AKM Mashiur Rahman who had attended the Stakeholders’ Meet on Tuesday, said that trade at border points has started working on a limited scale.

“There should be uniform regulations on both sides of the border. Barriers regarding connectivity should be removed. A major problem faced at the border trade points is that Bangladesh testing certificates of products are not accepted at the Indian side. Testing laboratories with standards aligned and acceptable to both countries should be set up,” Rahman said.

The Stakeholders’ Meet held threadbare discussions on the possible areas of engagements, ways to remove existing bottlenecks, especially vis-à-vis non-tariff issues like regulatory barriers that is in need of pragmatic solutions.

The specific issues of mutual interest, which were discussed on Tuesday and Wednesday included synergy in border trade, improvement of waterways navigation, especially night navigation along with port infrastructure, dredging of waterways, improved land and water and air connectivity between the two countries. Aspects related to the economic dynamics of the Northeast India vis-à-vis its ties with Bangladesh also found place during separate discussions among various stakeholders of both the countries.

The Meet concluded with an assertive and positive note that both North East India and Bangladesh will help each other to become vibrant economies in the coming days.

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