Indian high commissioner lauds PM for enhancing bilateral trade

The Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) organised its second quarterly luncheon meeting at its Gulshan office premises on Tuesday with Indian High Commissioner Pranay Verma as the chief guest, says a press release.

During the event, MCCI President Md Saiful Islam highlighted the bond and friendship shared by Bangladesh and India. By working together to improve connectivity and infrastructure, the two countries were contributing towards development. He pointed out that the proposed Bangladesh-India Comprehensive Economic Partnership Agreement may more than double the bilateral trade in the future.

The MCCI chief appreciated the Indian High Commission's help in fostering trade between the two countries and mentioned how MCCI shared the same commitment. He concluded his address by proposing to explore innovative solutions that could shape the future of the two countries' commerce and trade relations.

Indian high commissioner highlighted the transformation in bilateral relations between the two nations under Prime Ministers Narendra Modi and Sheikh Hasina, which has led to a significant increase in economic engagement and connectivity linkages between the two countries. He pointed out that in the last five years, bilateral trade has more than doubled, and Bangladesh's exports to India have now crossed the $2 billion mark.

Pranay Verma noted that as Bangladesh moves forward to make an important economic graduation to become a developing country in 2026, the negotiations for a comprehensive economic partnership agreement between India and Bangladesh would create a new institutional framework for leveraging the economic opportunities emanating from the transforming economies of both the countries.

The Indian high commissioner underlined the significance of improved connectivity and trade infrastructure at the borders for fully harnessing the potential of the bilateral economic partnership, which has been spurred by the rapid growth and development of both countries. In this context, he emphasised the measures being taken to reduce congestion at the Petrapole-Benapole Integrated Check Post by upgrading cross-border railway infrastructure, as rail-based transportation has a significant impact on economic efficiency and returns. He also highlighted the need to enhance infrastructure at other land ports and suggested increasing the number of land ports without trade restrictions in order to incentivise investments in land ports.

High Commissioner Verma mentioned that the connectivity initiatives aimed at linking Indian states, including those in India's northeast, with Bangladesh were intended to reinforce mutual interdependence between the two countries and leverage their shared history, geography, and socio-economic ties. He further stated that given the proximity of Bangladesh with India's northeastern states, Bangladesh is best placed to benefit from the economic opportunities present in the region.

Other topics that came up during the discussions include the need for diversification to mitigate supply chain risks, promotion of service providers besides goods producers, and the establishment of a working group between the Indian High Commission and MCCI.

MCCI proposed the introduction of a dual-currency credit card between the two countries, the free flow of Bangladeshi taka and Indian rupee without any restrictions in bilateral trade regardless of Bangladesh's export performance, and the harmonisation of the standards followed by the Bureau of Indian Standards and Bangladesh Standards and Testing Institution.