Improvement in infrastructure in the bordering areas is crucial for further boosting trade with India, opined trade analysts.
Speaking at a seminar, they also underscored the need for resuming historical connectivity between Bangladesh and India to bring dynamism in trade and commerce between Bangladesh and India.
They were addressing a seminar on Bangladesh India Cooperation organised jointly by Bangladesh Itihas Sammilani and Center for East and North East Regional Studies in the city yesterday.
The aim of the seminar is to share and discuss the ways and means of jointly establishing the safe and security to accelerate mutual development and prosperity to attain peace and stability in the region.
“Bangladesh-India economic relationship should be seen as a key strategic driver of the country’s development. Indeed, in terms of trade volume, this is the most significant bilateral relationship in the South Asian region,” said Mustafizur Rahman, executive director of Centre for Policy Dialogue (CPD).
In this backdrop, it is reckoned that the two countries will be required to strengthen and deepen connectivity in five concrete areas-trade, transport, investment, energy and people to people connectivity, said Rahman.
He said: “Improvement of trade-related infrastructure at boarder and customs points are critical not only for increasing Bangladesh’s export opportunities but also for bringing down the cost of import from India and the region.”
He said a deeper cooperation with India, a rising power in the twenty-first century, through the closer cooperation in the areas of trade, investment, connectivity and infrastructure, would contribute significantly to service and serve Bangladesh’s development ambitions and aspirations.
Speaking as chief gust, Commerce Minister Tofail Ahmed said: “Indian government should show liberal attitude towards Bangladesh on trade related issues.”
“In 23 categories, India has allowed duty free access of 190 Bangladeshi products but the question comes about the capacity. On the other hand, the Indian government has given duty-free market access but impose 12% counter-veiling duty,” he said.
“It is natural that two neighboring countries will have some problems. But the scope of resolving these problems by cooperation is much greater than the usual trend of mutual criticism and misunderstanding,” said Jayanta Kumar Roy, national research professor of India.
Former Indian High Commissioner to Bangladesh Pinak Ranjan Chakravaty said, “We have destroyed historical connectivity which should be reconnected.”
Talking on the regional trade, Pinak said: “It is very unfortunate that our regional trade is less than 5%, while EU regional trade is 67%, ASEAN 26%, Latin America’s regional trade is about 22%.”