Sunday, May 31, 2020 01:18:55 AM
Commerce Minister Tipu Munshi on Tuesday requested his Indian
counterpart Suresh Prabhu to take necessary measures to withdraw
anti-dumping duty on Bangladeshi products as they met on the sidelines
of WTO ministerial meeting in New Delhi. Despite a general duty-free
access of Bangladeshi products, several Indian states often impose taxes
if the imported products appeared to be huge in volume. The jute
products and battery could be mentioned as the examples of such
Bangladeshi products to face additional duties in Indian market.
However, Indian minister said that New Delhi was keen to keep the
momentum of the existing, the best ever relations, between the two
countries and further assured that he will take all necessary measures
to address the requests from Bangladesh.
We know, the trade relationship can put a significant effect on bilateral relationship. The geographical proximity of India to Bangladesh has made it one of its largest trading partners. Bangladesh's trade with India has become speedy in recent years. Even so, there are pressing concerns in Bangladesh regarding the large bilateral trade deficit (with India) and the large volumes of informal imports from India across the borders which usually dodge Bangladeshi import duties. Furthermore, to accelerate the trade relation dozens of Border Haats have been set up where commodities are allowed to be exchanged in local currency and/or barter basis.
There is no doubt that, the trade between Bnagladesh and India has significant contribution to the economy of both countries. When Bangladesh has got efficiency in producing some products at that time India has also achieved efficiency in some other sectors. So, the common theory of economics is that; Bangladesh will export those products which have her absolute advantage. And so does India.
What's important is that, apart from trade benefits India is also getting transit facilities - rail, road, and riverine- from Bangladesh at a minimum cost. We hope, the trade gap between the two countries will be reduced in the future and India will allow Bangladeshi goods in increased volume apparently with relaxing duties. A balanced trade will bring good for the economic health of the both countries.
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