Removing barriers can further boost trade with India: Tipu

Commerce Minister Tipu Munshi has said there are ample possibilities for further boosting bilateral trade between Bangladesh and India through addressing existing trade barriers between the two countries.

"India is a tested friend of Bangladesh. A close trade and economic relationship exists between the two countries," said the minister when Indian High Commissioner to Dhaka Vikram K Doraiswami met him at his office on Monday, according to a press release issued by the ministry.

He noted that discussions can be held between the two countries to address non-tariff barriers while  bilateral trade can be further advanced through improving customs management at the borders.

"For this, both countries will have to take necessary initiatives to remove existing trade-related complexities. Initiatives will be taken in this regard as it is possible to ensure a peaceful solution of all problems through working sincerely," he added.

The minister also hopes existing problems will be resolved speedily since an opportunity has come about to initiate a fresh discussion.

Echoing the commerce minister, the Indian high commissioner said there is enough scope for further improving bilateral trade between the two countries while all existing problems between them can be resolved through discussions.

Doraiswami said the scope for initiating import and export operations has been created through the construction of a bridge along Ramgarh border where customs house and immigration formalities can be launched to further enhance trade and connectivity.

He said the people of this region including Tripura will benefit from this initiative adding that necessary measures will be taken to simplify customs formalities along the border.

According to official data, Bangladesh exported goods worth $1,096.38 million to India in 2019-2020, against imports worth $5,774 million. Once the trade-related complexities are addressed properly, the export of Bangladeshi products to India can increase.