l said an inter-ministerial committee will hold a meeting at the commerce ministry today to finalise the timeframe. “A proposal is already in our hands from Indian side. From our side, the inter-ministerial committee has been assigned to work on it. The committee will review the Indian proposal and take final decision tomorrow (Wednesday),” senior secretary of the commerce ministry Hedayetullah Al Mamoon told daily sun. “We already have a mother agreement. We just want to give it a permanent form and nothing wrong in it. Many countries are doing so. The agreement, however, keeps open the scope of renegotiation for signing of separate protocols whenever any issue comes forth. We will need to bargain cautiously on mutual interests,” he said. A letter sent by Indian authority reads: “The agreement may be modified, reviewed and amended with the mutual consent of the parties by means of any implementing arrangements or additional protocols, which will be an integral part of the present agreement.” According to commerce secretary, there will be separate protocols on use of marine route, land ports, highways and railways and bilateral trade interests and negotiation will be there before signing of such protocols fixing the schedule of charges for use of services by parties. Officials from the shipping, finance and commerce ministries, foreign affairs, railway and roads division, Bangladesh Bank and the National Board of Revenue will be taking part in the meeting. Bangladesh and India had signed the trade agreement on 28 March in 1972 for initial a one-year tenure. Later, the agreement extended to two-year and three-year periods before finally it made for three-year term in 2012. The Indian side wrote, “The proposed permanent trade agreement might be in light of the Framework Agreement for Cooperation for Development signed between Prime Ministers of two countries.” Former president of India-Bangladesh Chamber of Commerce and Industry Matlub Ahmed underscored the need for an agreement with a longer term to ensure happening of trade smoothly. Bangladesh’s exports to India slightly above $500 millions while the value of annual imports over $5 billion, according to Export Promotion Bureau (EPB) data. From Bangladesh side, the trade shortfall was $4.5 billion approximately.
Wednesday, March 11, 2015
India for permanent trade deal with Bangladesh Both Bangladesh and India are heading towards a permanent trade agreement with integral parts of various protocols relating to mutual:Daily Sun
l said an inter-ministerial committee will hold a meeting at the commerce ministry today to finalise the timeframe. “A proposal is already in our hands from Indian side. From our side, the inter-ministerial committee has been assigned to work on it. The committee will review the Indian proposal and take final decision tomorrow (Wednesday),” senior secretary of the commerce ministry Hedayetullah Al Mamoon told daily sun. “We already have a mother agreement. We just want to give it a permanent form and nothing wrong in it. Many countries are doing so. The agreement, however, keeps open the scope of renegotiation for signing of separate protocols whenever any issue comes forth. We will need to bargain cautiously on mutual interests,” he said. A letter sent by Indian authority reads: “The agreement may be modified, reviewed and amended with the mutual consent of the parties by means of any implementing arrangements or additional protocols, which will be an integral part of the present agreement.” According to commerce secretary, there will be separate protocols on use of marine route, land ports, highways and railways and bilateral trade interests and negotiation will be there before signing of such protocols fixing the schedule of charges for use of services by parties. Officials from the shipping, finance and commerce ministries, foreign affairs, railway and roads division, Bangladesh Bank and the National Board of Revenue will be taking part in the meeting. Bangladesh and India had signed the trade agreement on 28 March in 1972 for initial a one-year tenure. Later, the agreement extended to two-year and three-year periods before finally it made for three-year term in 2012. The Indian side wrote, “The proposed permanent trade agreement might be in light of the Framework Agreement for Cooperation for Development signed between Prime Ministers of two countries.” Former president of India-Bangladesh Chamber of Commerce and Industry Matlub Ahmed underscored the need for an agreement with a longer term to ensure happening of trade smoothly. Bangladesh’s exports to India slightly above $500 millions while the value of annual imports over $5 billion, according to Export Promotion Bureau (EPB) data. From Bangladesh side, the trade shortfall was $4.5 billion approximately.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment