Experts for effective Safta for regional trade boost | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Wednesday
June 11, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
WEDNESDAY, JUNE 11, 2025
Experts for effective Safta for regional trade boost

Trade

TBS Report
03 September, 2020, 09:45 pm
Last modified: 03 September, 2020, 09:53 pm

Related News

  • US ocean container imports tumble in May as China tariffs take hold
  • China's May exports slow, deflation deepens as tariffs bite
  • Rajshahi mangoes must now be bought and sold by kg, not by maund
  • Halda's 300kg fry harvest spurs Tk4.5cr market boom
  • Budget FY26: What corporate Bangladesh expects

Experts for effective Safta for regional trade boost

Bilateral and regional relations should be developed on mutual benefit and confidence; otherwise, it would not sustain and no party would benefit

TBS Report
03 September, 2020, 09:45 pm
Last modified: 03 September, 2020, 09:53 pm
Experts for effective Safta for regional trade boost

Experts have put stress on making the South Asia Free Trade Area (Safta) vibrant based on trust to ensure a win-win situation for all countries in the region and boost regional trade and cooperation.

They were addressing a webinar organised by the World Bank Group on Wednesday as part of its One South Asia initiative.

Cecile Fruman, director regional integration and engagement of South Asia, moderated the discussion titled "How can regional cooperation support South Asia's Covid-19 recovery?"

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Diplomats, researchers, business people, World Bank high officials, politicians, economists, trade analysts and policymakers of different countries participated in the event.

Cecile Fruman said bilateral and regional relationship should be developed on mutual benefit and confidence. Otherwise, it would not sustain, and no party would benefit.

Shyam Saran, former Indian foreign secretary and currently a senior fellow at the Centre for Policy Research, said some initiatives taken by India are creating tensions in the region. He suggested mitigating tensions through mutual understanding.

India has a good and positive relationship with Bangladesh but some new issues are arising, which will be resolved rapidly, he added.

"Once Covid-19 vaccines come, it would be difficult for India alone to produce it in huge quantities for 1.5 billion people," he said, recommending that the government and non-government organisations collaborate in vaccine production for a large number of people.

A resilient supply chain is needed not only in India but also in other countries when the economy is restored to normal, he pointed out.

He emphasised greater regional cooperation for social and economic recovery in South Asia in the post-pandemic period.

Rubana Huq, president at Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said Bangladesh might miss out on grabbing the Indian market more in the post-LDC period due to high tariff along with non-tariff and para-tariff barriers.

So, she urged a vibrant SAFTA for increasing bilateral trade between the two countries.

Bangladesh will face a 10% duty on apparel export to the Indian market after the country's LDC graduation.

Rubana sought a positive mentality and support of India in minimising Bangladesh's rising trade deficit with the country.

The trade between the two countries stands at $8.6 billion, of which, $7.75 billion is in favour of India. Bangladesh exported goods worth $1.1billion to India in a year for the first time since its independence, Rubana mentioned.

India has more than $60 billion worth of domestic apparel markets with 18% growth every year, she said, adding that India cannot alone serve its domestic market and can consider Bangladesh as a major supplier for its local markets.

The BGMEA president also said India should allow the presence of more Bangladeshi goods in their value chain so that export from Bangladesh to this neighbouring country increases.

The trade between Bangladesh and India grew 45 times over the last 10 years which indicates that the potential of future trade although the unit price of Bangladeshi goods exported to India declined by 1.62% during this time.

Rubana identifies the export of personal protective equipment (PPE) as a new opportunity, and said PPE has turned into a major export item for Bangladesh. India can be a big source for the fabrics of this specialised item.

Industries, knowledge and the governments of South Asian nations should have greater collaboration for more trade within South Asia.

If the land ports between Bangladesh and India do not work well, the bilateral trade will face a lot of trouble, she said, demanding seamless flow of goods through the land ports between the two countries.

South Asia has a lot of potential for e-commerce markets because of an increased number of internet users in this region. So, an online marketplace can be formed among the South Asian nations, Rubana said.

Regional integration, cooperation, and engagement can produce significant gains across South Asia. Intra-regional trade, for instance, stands at only a third of its potential with an estimated gap of $23 billion, according to the World Bank.

Cooperation in energy between Bangladesh, Bhutan, India, and Nepal could lead to savings of $17 billion.

Transporting goods across the region can cost up to 50% more than within the Organisation for Economic Co-operation and Development countries. As South Asia grapples with the economic impact of Covid-19, it has an opportunity to strengthen regional institutions, improve regional infrastructure and connectivity, advance trade policy, and develop cross-border solutions to shared problems

Swarnim Wagle, chairman of the Institute for Integrated Development Studies (IIDS) and former vice-chair of the National Planning Commission of Nepal, said pharmaceutical products would be the major export items in the South Asian region.

He said the upcoming Covid-19 vaccines should be global public goods and the countries in the region should take joint initiatives to make vaccines available for all.

He suggested continuing Saarc videoconferencing during the pandemic, ecological recovery, and removing non-tariff and para-tariff barriers in trade among the South Asian nations.

The IIDS chairman also suggested financial cooperation like loan under the line of credit scheme and strengthening the Saarc food bank for food security in this region.

Hartwig Schafer, vice-president at World Bank Group for South Asia Region, advocated for more support in the trade of power among the South Asian nations.

He said power trade among the Central Asian nations is prevalent. He recommended ensuring more robust supply chain management among the South Asian countries for more trade.

Economy / Top News

experts / Trade / Safta

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Foreign firm to draft merger plan for investment promotion agencies
    Foreign firm to draft merger plan for investment promotion agencies
  • File photo of ex-prime minister Sheikh Hasina and her son Sajeeb Wazed Joy. Photo: Collected
    Joy spends Eid with Hasina in India: Indian media
  • European aircraft- manufacturing company Airbus and British aviation giant Menzies Aviation. Photo: Collected
    Aviation giants Airbus, Menzies seek long-time partnership with Bangladesh

MOST VIEWED

  • Illustration: Duniya Jahan/ TBS
    Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon
  • A file photo of Bangladesh Bank Governor Dr Ahsan H Mansur. Photo: Collected
    'I have no relation with this': Ahsan Mansur debunks Joy’s allegations over daughter’s Dubai flat
  • Faiz Ahmad Tayeb. Photo: BSS
    Import duty on raw materials for e-bikes, lithium batteries reduced from 80% to 1% in some cases: Faiz Taiyeb
  • Screengrab from video shows a group of local youths forcing tourists to leave a tourist spot in Utmachhra area of Sylhet's Companiganj on Sunday, 8 June 2025, citing allegations of obscene activities and environmental damage
    Locals declare tourist spot in Sylhet 'closed', force visitors to leave
  • Shakil Ahmed. Photo: Collected
    DU student allegedly hangs himself following threats over old derogatory comment about Prophet on Facebook
  • Photo shows the Land Cruiser Prado car belonging to former member of parliament (MP) Anwarul Azim Anar found in Kushtia. Photo: TBS
    Luxury car of ex-AL MP Anar, who was killed in Kolkata, found in Kushtia

Related News

  • US ocean container imports tumble in May as China tariffs take hold
  • China's May exports slow, deflation deepens as tariffs bite
  • Rajshahi mangoes must now be bought and sold by kg, not by maund
  • Halda's 300kg fry harvest spurs Tk4.5cr market boom
  • Budget FY26: What corporate Bangladesh expects

Features

Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

14h | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

2d | Features
Photo collage shows political posters in Bagerhat. Photos: Jannatul Naym Pieal

From Sheikh Dynasty to sibling rivalry: Bagerhat signals a turning tide in local politics

3d | Bangladesh
Illustration: TBS

Unbearable weight of the white coat: The mental health crisis in our medical colleges

6d | Panorama

More Videos from TBS

Greta Thunberg deported from Israel

Greta Thunberg deported from Israel

16h | TBS World
BNP is not a revolutionary party: Mirza Fakhrul

BNP is not a revolutionary party: Mirza Fakhrul

17h | TBS Today
News of The Day, 10 JUNE 2025

News of The Day, 10 JUNE 2025

14h | TBS News of the day
Trump sends 2,000 more National Guard and 700 Marines to Los Angeles

Trump sends 2,000 more National Guard and 700 Marines to Los Angeles

17h | TBS World
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net