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India seeks greater economic ties with Bangladesh

Published : Sunday, 1 November, 2020 at 12:00 AM  Count : 451

India seeks greater economic ties with Bangladesh

India seeks greater economic ties with Bangladesh

India wants to establish greater economic ties with Bangladesh by giving Bangladeshi exporters better access to Indian markets. On Thursday, during a meeting with the Bangladesh industries minister, the newly appointed Indian high commissioner expressed India's intention. According to him, Bangladeshi food and non-food items can utilize the opportunity to enter Indian markets, by receiving standard certifications from the Indian authorities concerned. Moreover, he also said Bangladeshi other companies have opportunity to explore the Indian market. In addition, India is ready to help Bangladesh with expertise to develop Bangladesh's automobile industry, light engineering sector, agro-machinery and active pharmaceutical ingredient sector. We warmly welcome India's initiative.

However, India is one of the largest sources of importing goods of Bangladesh. On the contrary, Bangladesh is India's biggest trade partner in the South Asia. Bilateral trade between India and Bangladesh has grown steadily over the last decade. India's exports to Bangladesh in FY 2018-19 stood at $9.21 billion and imports during the same period were at $1.04 billion. The two countries have been sharing very close relations for decade. India has huge investment in different industrial and infrastructural sectors in Bangladesh. In international arena they also share same views in different issues. Moreover, several treaties and Memorandum of Understanding (MOU) on different issues have consolidated the relation between the countries.

Unfortunately there exist some contentious issues, between the countries, also.  The size of Bangladesh's bilateral trade deficit with India is $7.35 billion; on Rohingya issue, India does not strongly stands with Bangladesh; India imposes different formal and informal restriction on Bangladeshi goods when they enter its market; unfair water distribution of shared rivers are some of the core issues of contention.

We hope that with the latest move of India, most of the unresolved problems will be properly solved, further strengthening the bilateral ties. Two countries must work sincerely to reduce trade deficit. Simultaneously, they should utilise the opportunity to increase bilateral trade. Export of Bangladeshi goods to Indian markets and trade through land ports between the countries should be easy and smooth. India must work for easing rules so that goods from Bangladesh can enter its market without any kinds of unexpected barriers. Mutual recognition of the certifications of standards of goods can boost bilateral trade.

Bangladesh should effectively utilise the offers provided by India. Especially, Bangladesh has to utilise Indian expertise in development of different growing industrial sectors. We must remember that bilateral relations should be based on mutual benefits, not unilateral interests.






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