Shringla, BGMEA president discuss boosting bilateral trade

BGMEA President Faruque Hassan paid a courtesy call on Foreign Secretary of India Harsh Vardhan Shringla at his official residence in New Delhi on April 16. 

BGMEA Director Tanvir Ahmed was also present at the meeting, read a press release. 

During the meeting, they discussed potential areas of cooperation and collaboration to enhance trade between Bangladesh and India. 

Their talks also focused on existing problems in export-import trade and non-tariff barriers, especially in textiles products trading and possible ways to address them. 

Faruque Hasaan pointed to the huge opportunities for Bangladesh and India. 

Both neighbouring countries can gain mutual trade benefits by complementing each other, particularly in boosting apparel and textile businesses, he said

He said, "India is one of the major markets for importing raw materials for our RMG industry. We import man-made fiber, yarn, fabric, chemicals, machinery, dyes etc. Bangladesh is giving emphasis on high-end MMF-based apparel items. India, as a major supplier of textiles including MMF fabrics can meet the growing demand of Bangladesh."

On the other hand, India is a promising export market for Bangladeshi readymade garments due to geographical proximity, competitive price and quality, he said. 

So, both countries have scope to tap into the reciprocal trade benefits, he added. 

The BGMEA president requested the Indian foreign secretary for steps to expedite and facilitate trade, especially removing non-tariff barriers and simplification of export-import procedures through the land ports in order to reduce time and cost.