CEPA the missing connect to deeper Indo-Bangladesh trade ties
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The Comprehensive Economic Partnership (CEPA) with India is vital to Bangladesh retaining its trade benefits upon graduation from the least-established country bracket, said Commerce Minister Tipu Munshi yesterday.
The issue regarding CEPA will be tabled for further debate at a Bangladesh and India secretary-level talk in the capital today.
Bangladesh also will give attention to the withdrawal of anti-dumping duty on jute imports and additional non-tariff barriers to boost bilateral trade between the two countries.
The minister developed the remarks after a courtesy ending up in Anup Wadhawan, the Indian commerce secretary, at his secretariat office yesterday.
Wadhawan and Md Jafar Uddin, his Bangladeshi counterpart, will need part in the appointment.
The meeting is essential for strengthening bilateral trade and easing barriers ahead of Indian Primary Minister Narendra Modi's visit to Bangladesh on March 26.
Bangladesh will graduate to a good developing country by 2026 and can get 3 years to take pleasure from the trade benefits due to enjoyed as a great LDC, Munshi said.
“After 2029, we will face tough competition due to the erosion of duty benefits.”
India may be the second-largest trading spouse of Bangladesh after China. Bangladesh enjoys duty-free market access on all products save for 25 alcoholic beverages. About 13 % of Bangladesh total imports are from India.
Bangladesh’s imports from India stood at $5.80 billion in fiscal 2019-20, down 24.2 % year-on-year, according to info from the Bangladesh Bank.
Its exports to India through the year fetched $1.1 billion, down about 12.2 per cent from a year earlier, according to data from the Export Advertising Bureau.
“We enjoy various kinds of trade conveniences from India but CEPA is very important for us in the long run, for expansion of trade and commerce, Munshi said.
It'll be broadly discussed found in today’s meeting.
To handle the post-graduation challenges about the trade benefits, the united states is concentrating on preferential trade agreement, free of charge trade agreement together with bilateral and multilateral agreements.
The issues of value addition of edible oil exported to India and acceptance of certification provided by the EPB may also be discussed.
“They are not accepting our certification.”
The meeting may also maintain talks on opening more border haats, with three new kinds along the way, Munshi added.
The CEPA is just a little different from the other trade agreements as it covers a wide variety of trade issues such as for example services, investment, e-commerce and intellectual property rights, Commerce Secretary Md Jafar Uddin told Dhaka Tribune.
"As graduation will certainly reduce our trade benefits simply by a great deal, we will negotiate the CEPA in the conference to retain the benefits in the post-graduation era.”
The meeting will address another important issue: the application of ports to help ease trade connectivity, he added.
Through the meeting, Wadhawan explained that they have arrive here with a positive attitude to boost trade relations and take away barriers.
He as well told the minister that Indian shareholders want to invest in Bangladesh’s automobile and meals processing sectors.
Source: https://www.dhakatribune.com
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