Commerce Minister Tipu Munshi yesterday needed even more discussions between Bangladesh and India on removing various non-tariff barriers to improve bilateral trade.
"Steps will be taken to eliminate the trade barriers through discussions," he said.
Currently, there can be an ample possibility to boost trade by removing the barriers, according to a statement from the commerce ministry.
Additionally it is possible to improve bilateral trade between the two countries by improving the customs facilities in bordering areas.
The commerce minister manufactured these comments throughout a ending up in the Indian Great Commissioner to Bangladesh Vikram K Doraiswami at the secretariat in Dhaka.
Doraiswami said a new possibility to boost trade around Bangladesh and India has opened up by the development of a bridge found in Ramgarh point, a bordering area.
You'll be able to facilitate bilateral trade by establishing customs and immigration offices at this time, the Indian envoy said.
The people of the area, like the Indian state of Tripura, would benefit subsequently. So, the necessary procedures should be taken up to set up customs and immigration offices at the Ramgarh bordering areas, Doraiswami added.
In fiscal 2019-2020, Bangladesh exported goods worth $1.09 billion and imported goods worth $5.77 billion, the info from the commerce ministry shows.
Although India has allowed duty-free of charge access for all Bangladeshi goods, except some 25 alcoholic beverages, the exporters cannot utilise the power because of some non-tariff barriers.
For example, the acceptance of mutual certification on the export of food items is still on an extremely limited scale. Consequently, the volume of foods exported to Indian markets is very low.
Besides, the neighborhood jute goods exporters have been facing challenges to make shipments to Indian market segments as a result of the anti-dumping duty imposed on the imports of Bangladeshi jute items.
There are various other non-tariff barriers, such as the lack of satisfactory banking facilities, warehousing facilities and testing labs in the bordering areas in addition to road and transportation challenges.
Many traders also complain about countervailing duty on shipments of garment what to Indian markets even though they enjoy the zero-duty benefit on apparel exports to India.
If all those barriers are removed through bilateral discussion, the shipment of goods from Bangladesh will grow more quickly, exporters said.