Diplomacyindia.com


India, Bangladesh working on free trade agreement: Prabhu

India, Bangladesh working on free trade agreement: Prabhu
September 29
08:07 2018

New Delhi, Sep 29  India and Bangladesh are already working on a Comprehensive Economic Partnership Agreement (CEPA), or free trade agreement (FTA), which would set an example for giving a boost to regional trade in South Asia, Commerce Minister Suresh Prabhu said on Friday.

Launching a World Bank Group report on trade in South Asia, Prabhu said that during his just concluded visit to Bangladesh and talks with his counterpart there, it had been decided to set up seven border ‘haats’, or markets, some of which will start functioning immediately.

“During my visit to Bangladesh, I proposed that we should try to sign the Comprehensive Economic Partnership Agreement and we are working with our Bangladeshi counterparts to take it forward,” Prabhu said.

“India and Bangladesh have agreed to upgrade trade logistics for seamless movement of cargo and we have already identified seven dual hubs, some of which will start working immediately,” he said, adding that given the cultural and linguistic affinities between both countries there is immense potential for trade and cooperation.

Prabhu said the Bangladesh Trade Minister along with a delegation has been invited to visit India in October to discuss the trade and investment potential between the two countries.

The Minister also said India and Sri Lanka are “working closely together” to finalise a free trade agreement.

“We are happy to develop trade with other countries in South Asia. Development of South Asia is hindered by lack of intra-regional trade and integration,” he said.

The World Bank report – “A Glass Half Full: The Promise of Regional Trade in South Asia” – says India’s trade with South Asia at around $19 billion is only 3 per cent of its global trade worth $ 637 billion.

The report also points out that current trade between India and Pakistan at a paltry $2 billion annually, could go up to $37 billion in the absence of artificial barriers.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

Social Icons

Diplomacyindia.com Video Interview with Shri Dnyaneshwar M. Mulay Secretary (CPV & OIA), Ministry of External Affairs speaking on an eventful journey of Indian Passport through its serveral phases, fast expanding network of passport seva kendras, evergrowing numbers, citizen centric service & new Initiatives

Diplomacyindia.com Video Interview with Shri Dnyaneshwar M. Mulay Secretary (CPV & OIA), Ministry of External Affairs speaking on safety & security features of the passport documents in an era of digitalisation his cherished moments & milestones as “Passport Man” of India tranforming the entire passport landscape.

Diplomacyindia.com Video Interview : Mrs. Reva Ganguly Das (IFS) Director General, Indian Council of Cultural Relations Speaking on Yoga Day Celebrations

Exclusive Interview to Diplomacyindia.com with Shri Upendra Tripathi, IAS Interim DG, International Solar Alliance (ISA) speaking on the journey of ISA so far, guiding principles, vision & priority areas & programmes for ISA.

Exclusive Interview to Diplomacyindia.com with Shri Upendra Tripathi, IAS Interim DG, International Solar Alliance (ISA) speaking on expanding rank of international solar alliance & opening the membership to the countries beyond tropics.

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H.E. Mr. Jozef Drofenik speaking on Bilateral Relations and Trade between India and Slovenia

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H. E. Mr. Jozef Drofenik speaking on Tourism in Slovenia

Pictures of Formal Launch of Website Diplomacyindia.com

Knowledge Partner

Exclusive Interview with Prime Minister of Guyana, H.E. Mr. Moses Veerasammy Nagamootoo during his recent visit to India.Highlights of the interview were Indian Cultural Connect, Vibrant Bilateral Ties and Cultural Connect and India’s Economic Prowess.

Video Message from Shri Prakash Javadekar, MoS (IC) for Forest, Environment & Climate Change on eve of Formal Launch of Website Diplomacyindia.com

Message from Gen. V K Singh, (Retd.) Hon’ble MoS, External Affairs to Diplomacyindia.com

WP Facebook Auto Publish Powered By : XYZScripts.com