Bangladesh and India on Monday discussed reopening closed border haats, bringing land ports into full operation and lifting existing restrictions on the import of yarn by land to strengthen and expand bilateral trade.
The issues were discussed at a meeting between Commerce Minister Khandakar Abdul Muktadir and Indian High Commissioner to Bangladesh Dinesh Trivedi at the Secretariat.
After the meeting, the Commerce Minister said bilateral trade between Bangladesh and India currently stands at around $13 billion. However, some obstacles have emerged over the past one and a half years, causing a slowdown in trade activities.
The meeting ultimately discussed how to identify these problems and how to make trade relations between the two countries easier and more effective in the future.
The Commerce Minister also noted that India is Bangladesh’s second-largest trading partner after China and the two countries have a longstanding economic relationship.
The meeting placed importance on bringing land ports into full operation, reopening closed border haats and lifting the existing restrictions on the import of yarn by land.
Proposals were also made to form a joint task force to increase cooperation between businesses of the two countries and develop digital infrastructure, the Minister said.
“These initiatives are aimed at creating new investment opportunities, expanding business relations and accelerating trade,” he said.
The minister expressed hope that Bangladesh-India relations would become stronger in the coming days through the initiative of the Indian High Commissioner and that economic cooperation would gain a new dimension.
Speaking at the meeting, Indian High Commissioner Dinesh Trivedi said that although there are some differences between the two countries on political and economic issues, ordinary people want development and progress.
“Especially for the future of the younger generation, the two countries need to work together,” he said.
“Bangladesh and India are two independent and sovereign countries. No one is big or small; everyone is equal. The two countries must continue to work on the basis of this equality,” he added.
Trivedi said economic cooperation is the most important aspect of improving relations between the two countries.
“If economic relations are strengthened, cooperation in other areas will also increase,” he said.
The Indian high commissioner also stressed joint investment and production, saying Bangladesh’s readymade garment sector is highly successful globally.
He said India could support the sector by supplying zippers, machinery, buttons and other materials, which would increase mutual dependence between the two countries.
“I feel proud when I see garments labelled ‘Made in Bangladesh’ in international markets,” he said, adding that Bangladesh’s garment sector could expand further through joint initiatives between the two countries.
The meeting expressed hope that greater cooperation between businesses of the two countries, the creation of new investment opportunities and stronger supply chains would help expand Bangladesh-India trade relations further in the coming days.